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The "Geithner plan" to have AIG "repay" these bonuses does no such thing. The "plan" is to "recover" an amount equal to the bonus money (which despite what is commonly said is closer to 500 million than it is to 165 million) by withholding it from the next 30 billion dollar check. So instead of taxpayers ponying up $30,000,000,000.00, they'll only have to pony up $29,835,000,000.00. In the meantime, the people who made off with these bonuses will get to keep them. And there's the rub.
It isn't so much the amount of money involved as it is the fact that these people received "bonuses" at all. That never should have happened.
AIG can go jump. And Geithner and every other "came from Wall Street" type that is in this admin and has been part of this mess should join them. Not only should Geithner and the other Goldman-Sachs alums be fired, but in the future there should be an absolute ban on anyone from Wall Street holding a position in government until they have been away from Wall Street (or Citi or Merrill, etc.) for a minimum of five to ten years.
One more thing: For people who are all hung up on "the sanctity of contracts", my answer is that you have been well trained. Contracts are not sacred. Just ask the UAW. Or ask any other employee of any other company that has gone bankrupt. AIG is bankrupt. Taxpayers are paying their bills (which just means that money is being funneled through AIGFP to Goldman, Merrill, etc.) and should not be subjected to the obscenity of being forced to pay "bonuses" to these "Masters of the Universe" that are responsible at least in part for the mess we are in today.
We own AIG. Spin off the solvent insurance business and put AIGFP into bankruptcy/receivership. No more taxpayer dollars. Let the bonus babies get in line at the bankruptcy court for their bit of the rotting carcas. ENOUGH!
