Its ironic to see the Democrats huffing and puffing about the incompetence at AIG among the executives who have the nerve to to be honoring contracts to key leders who elected to remain at the company. The Democrats say that such a violation of common sense and the public trust disqualifies the leaders of this private corprotion from being entrusted with more public money. How I wish that Congress were held to that same standard.
Is there anyone or any organization more incompetent with caring for the public’s money than the government? Have already lost accountability of hundreds of billions of dollars from TARP 1, have supported the Fed printing another 1T out of thin air, and yet have the nerve to think they should be the ones to decide who are to be declared the winners and losers. If they wanted to be efficient about it, they should simply suspend any pretense of the rule of law, nationalize ALL assets and redistribute according to their whim. At least it would fast track their bungling and get us to their preferred endstate.
But because it takes brains to hold on to money as well as to acquire it, socialists would soon be broke after any such grand nationalization.
update: more on the story: http://www.ft.com/cms/s/0/4ff2f77e-1584-11de-b9a9-0000779fd2ac.html