A “Bail-Out”? A Blank Check for AIG?
Is Congress comprised of idiots?
Do our legislators think we are stupid?
Are taxpayers supposed to shoulder ALL of our government’s screw-ups?
Do corporations have the ability to divert their own accountability onto U.S. taxpayers?
Let Congress do what it did for the Chrysler Corporation under President Jimmy Carter back in 1979.
It was termed the Chrysler “Bail-Out”, but in reality, the government provided a guaranteed loan to the company so it could avoid bankruptcy.
At the request of Chrysler CEO Lee Iacocca, Congress reluctantly approved and passed “The Chrysler Corporation Loan Guarantee Act of 1979”, which proved to be a win-win situation for all concerned — including U.S. taxpayers. By the early 1980’s, the loans were being repaid at a fast pace.
Today, Congress should use the above action as the guidelines for providing the “Bail-Out” for AIG.
Instead of writing the company a blank check for $700 BILLION or more, Congress must provide AIG a guaranteed loan to be repaid ASAP, the same as it had done for the Chrysler Corp.
There is no reason for doing otherwise. Too many corporate CEO’s and other officers have made a fortune in salaries, stock options and other perks at the expense of the company and now taxpayers.
Consequently, rather than giving AIG money that increases the burden on U.S. taxpayers, the option of a guaranteed government loan is the solution and taxpayers must demand this of our Congress.