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Let's try it this way.
Let's fire everyone at AIG. Every single one of them, with no severance.....let's not even let them collect unemployment insurance.
Now that we all feel better, let's talk about that 200 billion dollars we gave that company.
The only way we can get that back is to sell the assets and the profitable divisions of the company. Of course to do that, we're going to need some people working there to keep the company open.
If it's 100% closed, then it's out of business, the contracts and policies are null and void, no premiums are being collected, and there's nothing to sell.
So now we have to hire some people, but what are we going to pay them with? The company is bankrupt, being kept afloat by the government because if it collapses all at once it'll wreak havoc on the financial system the way Lehman did.
So I guess we're going to have to hire some people and pay them with the money the government gave us.
Of course, how are we going to hire qualified people when they know this is only a temporary job? They know the company is being broken apart and sold so this job won't last very long. How do you get them to leave the job they're at, that's permanent, to come work here temporarily?
Oh, oh, I know, let's offer them a healthy bonus payment that they'll get once the job is done.
So now, we all feel better that we fired everyone at AIG and really stuck it to them. Then we had to hire people with taxpayer money who didn't know what was going on, give them time to figure out what was going on, so they could sell the pieces....all the while pumping billions into the company to keep it afloat while these new people figured out where the toner was........and then once they sold the pieces and wound the company down, we could pay them the bonus that we didn't want to give to the people who were already there.
So it costs $300 billion to feel better, and it costs $200 billion to live with things the way they are.
Yeah fuck it, let's fire everyone. :rollseyes
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