The bailout of AIG was supposed to help the taxpayer.
One must ask "How"?
Truth be told, it does not help "main street" directly, but Wall St. often say things like "we are all in this together, Wall Street and Main Street" to convince the taxpayer that it is the right thing to do.
How can this be true when the good time never rolled into the main street 's wallets, but remained at the executives' door step. One congressman said "these guy makes more money than God"!!!
Enough about that. I would like to prompt you to an article today from Bloomberg which exposed where some of the "bailout" money went.
After AIG was bailout, they've used the taxpayer money to pay off their counterparties such as Goldman Sachs Group Inc. and Societe Generale SA.
It's no wonder why prior to the bailout, Goldman was running around trying to prevent AIG from going under back in September 2008. (click here for more)
One must ask "How"?
Truth be told, it does not help "main street" directly, but Wall St. often say things like "we are all in this together, Wall Street and Main Street" to convince the taxpayer that it is the right thing to do.
How can this be true when the good time never rolled into the main street 's wallets, but remained at the executives' door step. One congressman said "these guy makes more money than God"!!!
Enough about that. I would like to prompt you to an article today from Bloomberg which exposed where some of the "bailout" money went.
After AIG was bailout, they've used the taxpayer money to pay off their counterparties such as Goldman Sachs Group Inc. and Societe Generale SA.
It's no wonder why prior to the bailout, Goldman was running around trying to prevent AIG from going under back in September 2008. (click here for more)
Art
Disclosure: I bought MO yesterday at the price of $14.99 when yield stood at 8.50%
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The giveaway just doesn't stop with the bailout money. Thank goodness there's a blank check known as my future wallet.
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