The old saying goes that the definition of insanity is “doing the same thing again and again expecting different results.” There is talk now of more money needed to keep the big banks afloat. It has become apparent that Bank of America “needs” billions of dollars more (roughly $34 billion, with a B). If it didn’t work the first time, why should it now?
As we shake our heads in disbelief from that news, I should also mention the updated regarding the audacious bonuses that insurance giant AIG paid out after the government bailouts. Turns out AIG’s estimates of the bonuses paid were off by a little – by a factor of FOUR!!!
The total number is believe the be around $450 million in bonuses, given (for incredibly poor behavior) as “retention bonuses.” Seems to me their employees are not going to find jobs elsewhere, so a retention bonus is superfluous at best and deceptive at worst. That is nearly half a billion in taxpayer money given to greedy CEOs already worth more than the average American will make in their lifetime.