Bob’s take on

     Many Americans are expressing outrage over the $165 million in bonuses that went to AIG executives. But that’s not the real story to the AIG FIASCO!

    AIG got into trouble in part because they were involved with “credit default swaps.” AIG was essentially insuring the people who bought financial instruments such as mortgages. They were supposed to step in after a default and make the investors whole. But AIG didn’t build any reserves to do so.

SO the bottom line is  this: The $165 million in bonuses is a speck of the $173 billion that went from taxpayers to AIG during their first bailout last summer. Where did the rest of the money go?

WE gave money BACK to the banks in the United States and EUROPE that bought high-risk loans.  So we bailed out European banks also.

Societe Generale got $11 billion; Goldman Sachs got $8 billion; Deutsche Bank got $5 billion; and Bank of America another $5 billion. Do you understand that…Bank of America got its own bailout, plus money from AIG?!

So while we’re all angry about the AIG bonuses, the real question is should we taxpayers absorb these banks’ losses at 100 cents on the dollar?!

 We should have required that the banks should only get back part of their money.  WHY do we bailout Banks for their bad decisions?President Obama wants the bonuses rescinded, and that’s all well and good, but there’s a much larger problem here.