Monday, November 10, 2008

Civil Service For AIG

AIG gets reworked bailout - Nov. 10, 2008: "NEW YORK (CNNMoney.com) -- Troubled insurer American International Group got a new, $152.5 billion deal from the federal government on Monday, as the Federal Reserve and Treasury Department made significant changes to the terms of the company's original bailout.

The Fed announced that it will reduce AIG's original $85 billion bridge loan to $60 billion, and it will cut the interest rate by 5.5 percentage points..."

By now we the taxpayers have put enough money into this turkey to own it, so therefore, since we own it and the employees are our employees, shouldn't they be under the civil service guidelines? So what GS rank are these people? Whatever rank the CEO gets, it will be far less compensated than the equivalent civil service or military rank. Sounds like a really good thing to me.

2 comments:

Jason said...

The AIG bailout is small change and means nothing to the Fed. The Fed is transparent in that it is subject to the oversight of Congress. Is twice a year not fast enough? The intent of Congress in shaping the Federal Reserve Act was to keep politics out of monetary policy. Legislation requires that the Federal Reserve reports annually on its activities to the Speaker of the House of Representatives.

http://nomedals.blogspot.com

Bob Harrison said...

So you're ok with AIG junkets on the taxpayer's dime?