AIG Versus Its Owners – the American Taxpayer

Clearly AIG’s CEO, Board of Directors and its senior executives have no concept of reality.  The company is 80% owned by the US taxpayers and AIG runs like it’s their private golf club and spa.

Let’s tally up the facts.
AIG
  • Former AIG CEO MauriceGreenberg spends $20 million of AIG money on US Chambers to lobby Congress for deregulation post Enron and turns AIG into an international hedge fund according to American Association for Justice case study.
  • In 2008, over $112,000 of campaign contributionwas given to the Obama Presidential campaign by AIG employees according to OpenSecrets.org
  • In 2008, over $73,000 of campaign contribution was given to Chris Dodd’s campaign by AIG employees according to OpenSecrets.org
  • In 2008, over $44,000 of campaign contribution was given to Hillary Clinton’s campaign by AIG employees according to OpenSecrets.org
  • Federal Reserve Bank in September of 2008 under Bernanke lends insolvent AIG $85 billion with White House and Treasury Secretary Paulson support.
  • AIG has access to various other lending facility including $40 billion of TARP that brings the total to $165-175 billion as of March 2009
  • In March 2009, Bernanke admits being frustrated by AIG problems as AIG reports $62 billion loss in most recent quarter of operations and over $100 billion in 2008 making it the worst lost in US Corporate history.
  • AIG reveals $12.9 billion was paid to Goldman Sachs using Federal taxpayer money due to CDS obligations. Former Treasury Secretary Hank Paulson was the former CEO of Goldman Sachs.
  • Bonus of $165 million is to be paid to AIG executives making 73 of its employees (past or present) of the business division responsible for massive financial losses instant millionaires. A total of $450 million is to be paid to various employees (past or present) for 2008 performance despite the company lack of financial viability.

Average Taxpaying American
  • US job loss in 2008 is net 2.6 million
  • US job loss in 2009 at 22,135 per day or 1.3 million as of end of Feb.
  • Foreclosures nationwide are at all time high according to Sacramento, Calif.-based Foreclosures.com. The company said 121,756 foreclosures were completed nationwide in Feb ‘09, up from 72,694 in Jan and the previous high of 104,243 in Sep ‘08
  • U.S. household wealth falls $11.2 trillion in 2008 according to Federal Reserve data.
  • U.S. income is about $39,000 per capita in 2007

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