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AIG: Back on Scandal Watch

Ire over AIG’s bonuses and payments to counterparties has landed AIG in the top slot on Scandal Watch. (AIG CEO Edward Liddy is testifying about those bonuses before a subcommittee of the House Financial Services Committee right now.) Check out our backgrounder on the topic and track recent AIG coverage here.

Skip the Begging for th eReturn of bonus’, Quit the attempts at reversing legislative acts. It’s time to prosecte these people for the real Crimes they have committed. what do you call a Corp who claims to ‘insure’ something- but has no funds to actually do so- Fraud. What mechanism are they using when defrauding and thus gainig from this ‘deal’ - Embezzelment. When one entity exchanges moeny with another to make the money appear legitimate and have a value- It’s called Money laundering. When a Death Threat is used to coerce more real money out of vicitms- it’s called Extortion. These are the elements used in RICO case.
what do you call it when these criminal activities lead to the collapse of the entire financial System of a Country- Treason. When masses of people around the world, as a result, are not only jobless, but homeless and starving- aCrime against Humanity.
And when such High crimes (esp crimes that involve financial) are initiated, what is the first thing to assure they don’t become a flight risk- Freezing & Seizing all Assets (and passports). Now lets see who is volunteering to return those bonus’, who might be willing to turn state evidence about not only where the bodies are buried ,but who put them there, in exchange of immunity or a lesser sentence.And How many other Corps and their top Brass do you think will suddenly come round to our way of thinking and our demands for transparency, along with Ethical and moral business practices- lickety split.
Enough legal manuevering within the constraints of Contractual law,We will only get results from pursuing Criminal prosecutions (high crimes at that)