Robert Scheers slams Obama's approach to AIG:
Six months ago, we taxpayers began bailing out AIG with more than $140
billion, and then it went and lost $61.7 billion in the fourth quarter,
more than any other company in history had ever lost in one quarter. So
Timothy Geithner and Ben Bernanke huddled late into the night last
weekend and decided to reward AIG for its startling failure with 30
billion more of our dollars. Plus, they sweetened the deal by letting
AIG off the hook for interest it had been obligated to pay on the money
we previously gave the company........
We’ve already given AIG a total of $170 billion—an amount that dwarfs
the $75 billion allocated to helping those millions of homeowners
facing foreclosures. And more will be thrown down the AIG rat hole
because President Barack Obama is blindly following the misguided
advice of his top economic advisers, who insist that AIG is too big to
There's no doubt Obama will nationalize the banking system, despite his teams insistence on chucking money at failed companies. It's not a matter of how, it's when, and the longer he dithers, the worse it is going to get.