Description: The story of American International Group (AIG) explains the catastrophe of a failing government - not because this was the biggest corporate bailout in history, but because AIG’s collapse and subsequent rescue has turned the public into indentured servants. Outrage against politicians demanding cutbacks on Medicare, Social Security, Education, and other vitally needed public programs is more than justifiable; because the scandal of AIG has cost American taxpayers more than 182 billion. Stealing American funds to bailout corrupted corporate giants is not balancing the budget - its turning the American people into helpless targets of organized crime - no different than a mobster taking money from the cash register at ma and pa’s corner deli.
The billions paid to bailout AIG is the most money ever funneled to a single company by a government since the dawn of capitalism. First demanding that Americans pay the cost for their unprincipled greed, AIG executives then granted themselves $100 million in bonuses. In light of AIG's untouchables - those responsible for the catastrophic credit-default swaps and tax-funded bailouts, our government has proven that it is powerless in regulating renegade corporate corruption.
Separate from AIG's sophistry is a much larger issue. This sordid saga of government helplessness in the face of massive taxpayer obligations illustrates better than anything to date why the government should take over any institution that is considered "too big to fail" and which has enslaved taxpayers.
Such institutions are no longer within the capitalist system because they are no longer accountable to the market or to regulation. Whom should they be accountable? When taxpayers have put up, and essentially own, a large portion of their assets, AIG and other giant companies should be accountable to taxpayers. As it stands today, AIG is accountable to no one and our economy and government is currently manipulated by corporate thugs who belong behind bars.
Digitally hand-painted composite of layered photos created in Photoshop.