Thursday, October 9, 2008

No wonder we're in such a mess, pt 2

OK, is it just me?

AIG "high producers" spent $400,000 on a California junket, reports the Washington Post. The Post and other sources around the web report that the guy who came up with the complex derivatives at AIG, Joseph Cassano, has been rehired as a consultant at one million dollars per month.

A million a month.

If you worked for 20 years at $50,000 per year, your career salary would be equal to one month of Joseph Cassano's income. Wow, he must be incredible. Lunch Ryan reports that Cassano's income at AIG from 2000 until his firing in Feb 2008 totaled $280 million. Such a productive employee -- why would he be fired? Hmmm, apparently he lost 11 billion dollars by the time he went out the door.

So could someone please remind me why exactly we are funding a $700b bailout, and for whom? My simple mind understands that $700b represents $2000 for every woman, man and child in the United states. Much, much more will likely fall on my family because we have two working parents paying income tax. So why am I funding a million a month for Joseph Cassano, and $400,000-plus for AIG executive holidays?

What a mess.

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