At the center of various scandals and operating in 130 countries, AIG (American International Group) is an insurance and financial services giant and still in business thanks to the U.S. taxpayer.
On September 16, 2008 The Federal Reserve became its effective owner in exchange for a 79.9% ownership stake, to prevent the firm's possible collapse and a deepening of the general financial crisis. This company was the biggest taxpayer funded bailout with the government originally giving them $182.3 billion which represents several bail-outs. The stock in AIG is worth $23.97 yesterday from almost $1,000 in 2007.
Today AIG will pay out $100 million in bonuses.
On a local scale, "We got to inherit a colossal mess," was the quote of the night by Mayor Varela in describing our dire financial situation in Lake Worth. The largest contributors to this shortfall to our budget were retirement benefits from the Fire, Police and General Employees Unions. The solution? Move $1.7 mil to cover the budget deficit...raise fees to all who do business or play in lake Worth...lay-off employees...cut benefits.
Between corporate and union greed, this country is fastly becoming third rate with NO power and no credibility. And the slum and blight continues in Lake Worth while we go bankrupt. The Commission worries about wordage on an Ordinance that "must" include (social, racial, religious, linguistic, cultural and economic groups that comprise the City) on a Financial Advisory Board. When we have monumental financial problems, just how stupid is that?
No comments:
Post a Comment