Taxpayers from top to bottom will get a proverbial rear-ending as the government attempts to recoup losses from their bad decisions.
Attempting to save AIG is the latest debacle revisited in Washington
Reuters reports how the White House will spin penalizing large banking and finance firms as Treasury Secretary, Timothy Geithner speaks out:
"Those contracts were outrageous. They should never have been permitted," Geithner said in testimony to the U.S. House of Representatives Ways and Means Committee.
Geithner and the administration fail to acknowledge that these "outrageous contracts" were approved when the "bailout funds" were agreed upon. In fact, most of the executives at AIG were hired to work for a dollar with a bonus plan attached.
"Now, if you join with us in passing this proposed fee on our largest, then you'll be able to say, as we do, that the American taxpayer will not pay a penny for what happened at AIG," Geithner said
Most egregious is how the taxpayers will be covering their horrible decisions. These "bank fees" and penalties will be passed on to the consumer. Building up their slush fund by highjacking money from these firms will start the whole cycle over again.
Again, we are treated like morons.
Americans need to grapple with the hard realization that recovering from this financial disaster is a long, painful process and government intervention is not the solution and in fact, deepens the pain for all of us.