Wednesday, March 18, 2009

Cancel the Bonuses

Subject: Economy, response desired

Dear Mr. President:

Tell your Treasury Secretary - i.e. the guy who negotiated the AIG bailout - to cancel the AIG bonuses or tender his resignation. There is something far worse things than breaching contracts with the "best and brightest" people at AIG - violating YOUR sacred contract with the American people.

But these bonuses are just the tip of the iceberg. The whole revolving door arrangement between Wall Street and the Fed, Treasury, and regulating agencies deserves a full and cleansing exposure to the harsh light of day. Focus your anger on those who lobbied and agitated for the disastrous deregulations of the past decade. Let those who gambled their firms were too big to fail feel your wrath. The American people need to see justice - and we have not begun to see it yet.

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