AIG pays $160 million in bonuses and it’s front page news for a week. The House passes a bill to confiscate the money(90%). Obama is railing about the inequity of taking the taxpayer’s money and paying some back in bonuses. The CEO is brought to the public whipping house. For earning a dollar a year to try to fix a mess he’s treated like a red-headed step-child by the dumbest of the dumb, Barney Frank. Then we find it’s Chris Dodd who made the bonus payments possible by slipping it into the Stimulus Bill that no one read. I’m renting One Flew Over the Cuckoo’s Nest because I think the inmates in that movie made more sense than the ones running our country.
Buried in an obscure article in the 4-4-09 Wall Street Journal is an article that states the employees of Freddie and Fannie received $210 million in bonus money. Wait, is this not the source of most of the sub-prime mortgage mess? Is this not the two companies who Barney Frank loosened up to make bogus loans over the objections of the Bush administration? Is this not one of the two companies where Barney was having an affair with an executive? Are these not the two companies who insured the sub-prime mortgages that let the whole bubble get out of hand? Didn’t millions of shareholders lose millions of dollars in stock value in these two companies? Hasn’t the government put more into the salvage of these two companies than AIG?
Why is this no news when AIG was big news? I have a theory. The government is running Freddie and Fannie. The government is only trying to run AIG. So, if the government runs it and bonuses are given, it’s OK. If the government wants to run it and bonuses are paid, it’s big news.
Are you as sick of this crap as I am? If the government and the media want you to get mad, they build up the story and fan the flames to get the desired result. If the government is involved and wants to bury the story, it gets buried. Shouldn’t you and I be madder that Freddie and Fannie paid bonus money for destroying the economy of the world than AIG who simply took government money. How can you justify anyone at Freddie and Fannie getting one dime from your tax money?
Another left wing newspaper may bite the dust this week, the Boston Globe. They can’t go fast enough to suit me. The clock ticking on the NY Times, owner of the Globe, is ticking louder. The clock ticking on CSNBC is ticking louder. Until we get fair reporting from any of these so-called media spinners, they can all go. Until the disgrace at Freddie and Fannie gets equal exposure to the disgrace at AIG, they all need to go. Protecting people like Barney Frank is a bigger disgrace.
