Wednesday, March 18, 2009

Socialist Type Bailout says Congressman

Our Congress-critters commenting on the AIG bonuses during the hearing where AIG CEO Liddy will be testifying, maybe in a couple of hours, continue repeating, the U.S. taxpayers own 80 percent of AIG.

What pablum. The taxpayers don't 'own' any part of AIG. The Treasury arranged for treasury payments to AIG with no strings attached, and basically bought out bad loans, bad debt at the low end of value.

We own nothing as we are not investors per se in AIG stock. Not a one of us got stock certificates, or any paperwork that we own a part of the 'profit' of AIG, when and if there ever is a return to profit.

What we may get one day in the future is some payback of the billions given AIG, in the form of a healthy private company which generates income for hundreds of thousands of employees so they all don't have to go on the public dole.

One Congress-critter had the lightbulb moment, too late, we shouldn't have bailed out any private owned company as that's always a bad idea.

Where was he last Administration? He may have voted No on the first round of the bailout, but remember, most Republicans at that time quickly voted yes just before the election.

Another says he was against the bailout, voted against it, we should not be doing socialist type bailouts with private corporations, and AIG should be allowed to go into bankruptcy.

Another Congress-critter emphatically stated: This was a criminal conspiracy... we need to know how we got here.

Uh oh. Better not say that in Missouri.

The names of members were not always displayed across the screen so any followup should be done by seeking a transcript of the hearing.

List of members

U.S. House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises is a subcommittee of the House Committee on Financial Services,_Insurance,_and_Government-Sponsored_Enterprises

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