Letter to the editor:

U.S. shouldn’t reward fiscal irresponsibility

Barry Barney, Las Vegas

Thursday, Nov. 13, 2008 | 2:01 a.m.

Isn’t it amazing that AIG gets $150 billion when our “Big Three” automakers are struggling to survive, when the automakers are asking for $50 billion to help them stay out of possible bankruptcy. If any of them were to go under, and it could happen, think of how many people, good people, would be out of work and how it would affect America.

AIG has shown its irresponsibility by its upper echelon and I guess the initial $75 billion didn’t go too far, what with their executives’ ridiculous salaries, bonuses and high-cost parties, etc. Must be nice to be rewarded for failure.

I guess if one does a good job, all he or she gets is a pat on the back and a “job well done.” If they make it to retirement with the company, and don’t get laid off, they will get a gold tone Timex and not a solid gold Rolex.

However, since they are taxpayers’ dollars, they should have been given back to those who contributed this money, to help the American worker.

For this kind of money, how many hardworking Americans could keep their homes and keep food on the table for their families that they have worked so hard for? For just a little financial aid they could survive and get through the crisis as it is today.

It is true that many people overextended themselves, are in houses they really can’t afford, have fancy cars they can’t afford and are accruing high credit card debt. They made the situation themselves and should be held personally responsible.

The same should hold true for the “big companies” that are now in trouble. Rather than reward failure with a proverbial, financial Band-Aid, let them figure out what to do.

When the $700 billion bailout is all spent, then what?

Discussion: 3 comments so far…

Comments are moderated by Las Vegas Sun editors. Our goal is not to limit the discussion, but rather to elevate it. Comments should be relevant and contain no abusive language. Comments that are off-topic, vulgar, profane or include personal attacks will be removed. Full comments policy.

By uddeboda

Nov. 13, 2008

7:53 a.m.

Suggest removal

A statement from the CEO of AIG, these top people were worth it to get their bonuses, free holidays etc etc.
This CEO has shown just how arrogant these top people are in all of the banks etc that have been bailed out.
If the taxpayers money is going to be used by injecting funds into the banks etc, then there must be clear rules and regulations of how this money is to be used. Instead, Henry Paulson has been giving money to his own buddies in the banking business, after all he too was a top exective a few yrs ago, and he must look after his buddies, after all he will soon be looking for a job after Xmas.
Only if one adapts the Swedish model by injecting funds into banks etc, that is taking over the running of the banks, ousting the top people, no bonuses, no dividends to shareholders, and then and only when the banks are working properly again, can they be resold to public ownership.
By KDR81

Nov. 13, 2008

8:25 a.m.

Suggest removal

THe Big Three are in trouble because of incompetence, poor deals with unions, and government regulation.

They've been bailed out a half a dozen times already. NO MORE BAILOUTS!

http://npri.org/blog/bailing-them-outaga...
By redferret

Nov. 13, 2008

9:49 a.m.

Suggest removal

KDR, once again railing against regulation, when the auto makers have simply been going against the times. While Honda and Toyota et al have been making better more fuel efficient cars, American automakers have sat on their butts making bigger and more bloated trucks and SUVs. The Big 3 need to get with the times. For crying out loud, most of our cars can't even run in a lot of overseas markets because they are too inefficient.