Corporatists, greedheads, and the coming populist revolt

The AIG saga is now unfolding in ways that “professionals” would not even dream of and is snaring past and present Treasury Secretaries who rushed to bail out the failed insurer’s counterparties at 100 cents on the dollar, to the tune of $62 billion.

I must admit I made a big mistake three years ago: I thought no American government would ever dare to use such an enormous amount of public money to cover the private losses of the nation’s wealthiest institutions. And I am once again amazed at these same institutions’ hubris of paying record-breaking bonuses for 2009 results. If this isn’t the stuff that makes for public uproar and revolution, I don’t know what is…

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