Late last week AIG sent documents to Attorney General Dick Blumenthal that detailed $55 million in bonuses given out in December, in addition to the March bonuses of $165 million.
From the Hartford Courant:
"We're asking the company to explain," Blumenthal said. "So far, their answers raise more questions than they answer. Were there any other additional bonuses that have not been explained?"The thing that really bugs me about this entire fiasco is that nobody seems to be able to guess where the money from the bailout is actually going until it's too late! This is exactly the kind of thing I was worried about because the bailout was pushed through so quickly that proper checks and oversight mechanisms weren't included.
It's almost as if Congress trusted the executives to take the money and do the right and honorable thing with it. Because, you know, bank executives always act in the public's best interest.
The entire nation is up in arms over the question of where one-tenth of one percent of the bailout money is going. That's good and all, but are we going to see excesses and misappropriations like this spring up over the next few months on the remaining 99.9% of the billions of bailout dollars?
Are we going to hear stories of mountains of money just disappearing into thin air, like the billions of dollars in $100 bills that Bush sent to Iraq on pallets in cargo planes, only to disappear without explanation or accounting soon after?
If things are this bad right now, I can only imagine what's going to hit the fan when politicians start admitting that billions rather than millions of bailout dollars have ended up in the pockets of the same wealthy financial bosses that largely caused the economic disaster that we currently find ourselves in.