AIG, please take more of our money
First AIG got a gift of $85 billion. Then executives promptly went on a little luxury spa trip, costing $440,000. Then... woe is me. More money was needed by AIG, and the company got another $65 billion, for a total handout of $150 billion. And now we can tack another $30 billion gift onto that.
$180 billion for AIG, a company that some idiots in our government apparently believe is "too important to fail." Really? Either AIG has been lying each time it holds its hand out (because the money it seems to "need" never goes far enough), or the executives of the company are complete morons. Either way, they don't deserve any more money from the taxpayers.
There are about 113 million households in the United States. AIG's $180 billion gift is costing each of those households almost $1,600. What could your family do with an extra $1,600? I'm betting you could do a lot. But you'll never know, because our government is essentially taking that money away from you (via taxes) and giving it to AIG in the hope that this black hole finds a bottom at some point.
Do you think the pain is over yet? Don't bet on it. There are many more handouts to be made, and the amount you and your children will have to pay in taxes to fund all this will continue to skyrocket. Welcome to change.
Forensic accountant Tracy Coenen investigates corporate fraud and consumer scams, and is the author of Expert Fraud Investigation and Essentials of Corporate Fraud.