AIG, blah blah blah

Oh so NOW we're upset? Suddenly the media is saturating us with news about how AIG gave nearly $200 million in bonuses to its elite, and now we're filled with righteous rage? Why now? Is it because they took all those billions in stimulus dollars and swore on a stack of Bibles that THIS TIME they'd stop with the bonuses? Are we storming the Bastille here because that stimulus money they're handing out like Monopoly money was essentially our taxpayer dollars? Or, is it because your average American family is facing the prospects of foreclosures on their homes and layoffs at work?

Now? NOW we're upset??

Good.

I say it's high time we all got good and pissed off. Sure, this is a lame pretext to go all torches-and-pitchforks: I mean, $200 million? Whoop de friggin do. In the grand scheme of things, this is a DROP in the bucket, people. Even though $200 million is more than most of us will ever see in our lifetime, it still pales in comparison to the big picture. If anything, it just illustrates that we are dealing with people who are completely detached from reality. They think the rules do not apply to them. These are people who wear $1000 suits to work. These people have not brown-bagged a lunch since the third grade. These people have never had to sit at the kitchen table and draw names out of a hat to see which bills got paid. These people exist on an altogether different plane than the rest of us paycheck-to-paycheck riffraff. They do not see the big deal in taking millions in dollars in bonus money in addition to their already lucrative salaries. These people do not see what the big deal is, taking rewards while the companies they control hemorrhage money. These people have no moral misgivings about sending jobs overseas for the tax dodge. Their patriotism is eclipsed by their need for profitability. And whenever we question these practices, they hide behind their imaginary obligation to their investors and stockholders.

Let's also remind ourselves that AIG is an insurance company. Since when do insurance companies do the right thing? Do we really expect them to have a conscience all of a sudden? Think about your own dealings with insurance companies: if they owe you money, how prompt are they to pay you, generally? If anything, they will refuse to pay out, even when the policies state their obligations clearly. Then when they do pay out, they make their customer fill out reams of useless paperwork, all in the hopes that you'll forget to sign somewhere, forget to initial, fold something that isn't supposed to be folded, anything to give them a flimsy pretext to deny your claim, since you didn't do it right. How many people every year have to sue their own insurance companies just to get their fair share? You can bet they keep a cabal of lawyers on tap to steamroller you if you try. Taking on an insurance company is either very brave or very stupid, but most often it just very pointless.

So the insurance company AIG, in order to keep itself solvent, agreed to a laundry list of conditions to get their hands on a government bailout package. They pinky-swore that THIS TIME they'd do the right thing and be responsible with our money. They wouldn't be greedy little pigs anymore. And now they're failing to observe the terms of the deal by using that money (or at least part of it) to pay millions of dollars in bonuses out to their elite. Are we supposed to be shocked here?

Add to all this, the idea that they are somehow "too big to fail", and we have to consider the stockholders in all this. First - too big to fail? I am ALL for testing that theory. Perhaps letting them fail is exactly the cautionary tale the insurance industry needs to get them to realize the gravity of our situation. "Too big to fail", my ass. How about "too pompous and corrupt to exist"? If they fail, they fail. And as to the stocker holders? Well, seeing as how OUR tax dollars went to bail them out, and seeing as how without that bailout they'd be out of business, I'd say that makes the American Taxpayer a stockholder. It's our money they're using to stay afloat, that gives us a say in their future. So as a stockholder vis a vis my tax dollars, I say: screw you, AIG.

Welcome to my world, bitches.