All Must Have Prizes
The White House announced yesterday (Sunday – why would they choose to release bad news on a Sunday, I wonder?) that AIG bank has paid out $450 million in bonuses.
Nothing unusual there.
Except that AIG has received over $170 billion in taxpayer bailout money.
When money’s sprayed around like it is being by the Obama administration, moral hazard will inevitably run rampant.
President Obama and Sec. Geithner are now ever-so-sincerely voicing their outrage at AIG.
But, but, but… you gave them the money!
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