Brazil, or is it Argentina?
Mar. 19th, 2009 12:12 pmThe spectacle of hypocritical posturing about the AIG bonuses continues. The House has passed a Bill of Attainder intended to tax the bonuses at 90%. Yesterday's hearing was painful to watch, as ignorant Congresspersons bashed the CEO of AIG, who was recruited less than a year ago to rescue any value remaining in the government's investment and receives the fortune of $1 as salary. Well-connected Democrat Franklin Raines got $61 million in bonuses from Fannie Mae shortly before resigning when it was discovered the books had been cooked to keep the bonus pool going, yet he was allowed to go free with only minor amounts repaid, and you didn't see any Congressional outrage then. Have you noticed how the regulators and Congresspeople have managed to duck all responsibility and accountability? Finding scapegoats is so much easier than accepting one's own responsibility. If you're in the in-group, influence-peddling trade, you can profit without consequence; if you're not, heaven help you.