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Politics : Politics for Pros- moderated
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To: Nadine Carroll who wrote (296633)3/17/2009 1:29:22 AM
From: carranza22 Recommendations  Read Replies (2) of 793958
 
Designed by whom as a distraction?

The real outrage is that CDS payoffs are much larger than the value paid for them. Much, much larger. In many instances, they are not insurance at all but naked bets with a nice payoff in taxpayer money via AIG if the holder is lucky.

There is no reason for the taxpayer to fund the winners at the CDS casino. Holders who could not show economic loss beyond the loss of the cost of buying the CDS should have been exempted from receipt of any of our tax money.

But, yes, somehow the AIG bonus outrage plays beautifully into populist rage.

I am outraged that money totalling many, many times the AIG bonus cash has been paid to other companies who were simply bettors at the CDS casino. I am outraged that Joe and Jane Six Pack aren't outraged about the other payoffs. vbg. They go for the easy villains, not the subtle ones.

If people are outraged about the relatively insignificant AIG bonus money, they should be apopleptic about the other payments.
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