Department of Too Little, Too Late
Let’s see. AIG (American International Group) was unable to cover the insurance it issued on mortgage securities and other speculative financial instruments, so the U.S. government (read: we taxpayers) had to pony up $90 so the company could settle its insurance claims and remain in existence.
We’ve probably all heard about the lavish retreats AIG held after the bailout. Now, today I read this headline in the Los Angeles Times: "AIG to freeze some exec pay."
How about making them pay back the bonuses they got for all that uncoverable (read: bogus) insurance they sold?