A Penny Saved is a Penny Corporate Giants Earned?

By Robert Weiss

A penny saved is a penny earned... isn't that what we were taught? I guess AIG and other corporate giants missed that lesson in grade school because what they believe is a penny somebody else saves is a penny they earn. AIG's use of bailout money to pay nearly a billion dollars in executive bonuses is one of the most despicable things I have heard. From the beginning of this economic crisis, I warned every person who would listen that these banks would not allow a "trickle down" of bailout money to Americans. I was right - and this is the first time that I can honestly say, that I hate being right. Why? Because in this situation, me being right means more Americans losing their homes, losing their jobs, and losing all of those pennies they have worked years to save. Pension funds across the country have invested nearly half a trillion dollars in CDOs. These CDOs have failed, causing these pension funds to lose billions of dollars with no end in sight. Where is the money to help these Americans? These are people who bleed red, white and blue each day - they are our firefighters and police; they are our autoworkers and factory workers. These are the same people who have seen their sons and daughters fight for our country across seas, yet, when they suffer, Capitol Hill could care less. Our own Americans have now flooded food banks and clothing donations as if they have been punished for going after that American dream. The corporate CEOs have spun this country out of control – no restrictions, no punishment... but, oh, I forgot, they have a contract, which necessitates millions in bonus compensation. Wouldn't common sense dictate that if you didn't do the job, you don't get paid? The banks didn't do their job - they failed and now are depending on taxpayers' money to bail them out. Why are these corporate giants treated differently? Why should we be held to a higher standard? [more...]