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March 18, 2009
The real culprit in the AIG bonus outrage
Lucianne Goldberg sums up the AIG $165 million bonus brouhaha citing this Wall Street Journal editorial as
This is the most important piece on AIG outrage you'll read today.
Slight modification Luci: This is the most important piece on the AIG outrage you'll probably read for as long as the latest exploitable phony crisis can commandeer the news to divert attention from the government culprits.
The politicians also prefer to talk about AIG's latest bonus payments because they deflect attention from Washington's failure to supervise AIG. The Beltway crowd has been selling the story that AIG failed because it operated in a shadowy unregulated world and cleverly exploited gaps among Washington overseers. Said President Obama yesterday, "This is a corporation that finds itself in financial distress due to recklessness and greed." That's true, but Washington doesn't want you to know that various arms of government approved, enabled and encouraged AIG's disastrous bet on the U.S. housing market.