AIG is at the core and is an appropriate symbol for the great economic failure of the 21st Century. Bernard Madoff's crimes pale into the background when compared to the reprehensible behavior of AIG chief executives - and don't forget the AIG Board of Directors. They are equally guilty.
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To add insult to the injury already perpetrated against the American people, we find the AIG chief executives conspiring to steal even more millions of dollars from us. Must we jail these executives to stop them?
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The Congress is stumbling along and slowly (ever so s-l-o-w-l-y) recognizing the damage done to our country by AIG and other co-conspirators, including J. P. Chase and Citibank. It's difficult to imagine anything meaningful coming out of Capitol Hill at the moment. There are too many members of Congress with close ties and connections to the banking industry.
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For a great daily running commentary on the AIG scandal try Politico.com's The Huddle.
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It is more likely that indictments (if there are to be any) will be handed down by a federal grand jury. Given the mood of the country that is entirely possible.
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Stephen Colbert has the right idea. He suggests we resort to mob mentality, arm ourselves with pitchforks and go after AIG. ... to the castle!
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"At the end of the day, if you have to dismantle AIG, so be it."
- AIG's restructuring chief.
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A growing number of observers, myself included, are calling for AIG to be broken-up and dismantled. Read this excellent story from the Huffington Post written a month ago. It is an insightful piece.
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A Wall Street Journal blog post reports that Paula R. Reynolds, the head of AIG's restructuring effort, said, "at the end of the day, if you have to dismantle AIG, so be it".
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About the photo: President Barack Obama objects to AIG before small business owners, community lenders and members of Congress in the East Room of the White House in Washington, Monday, March 16, 2009. White House Photo, Chuck Kennedy
About the photo: President Barack Obama objects to AIG before small business owners, community lenders and members of Congress in the East Room of the White House in Washington, Monday, March 16, 2009. White House Photo, Chuck Kennedy
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In a special address from the White House yesterday, President Obama said, "I've asked Secretary Geithner to use that leverage and pursue every single legal avenue to block these bonuses and make the American taxpayers whole."
In a special address from the White House yesterday, President Obama said, "I've asked Secretary Geithner to use that leverage and pursue every single legal avenue to block these bonuses and make the American taxpayers whole."
The President also made it clear that Treasury Secretery Geithner is faced with the most difficult set of challenges since Treasury Secretary Alexander Hamilton faced the economic aftermath of the Revolutionary War.
See the President's entire broadcast from the White House here. Just turn-up the sound and push the play button.
To see more videos, read transcripts or get up-to-the-minute news, go to: whitehouse.gov
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