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How AIG — read: you and I — are bailing out the world

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By Michelle Malkin  •  March 17, 2009 04:13 PM

Bob Owens keeps his eye on the ball and breaks it down:

Barack Obama’s lack of leadership in a down economy has now hit crisis proportions, as his claimed inability to block millions of dollars in bonuses for executives of bailout recipient AIG has caused even his supporters to turn on him.

But while the ire of Congress and the media focus are on the $165 million that AIG paid out in bonuses to their executives, the president is hoping you won’t notice the $100 billion in taxpayer bailout dollars that AIG paid out to other banks, including $58 billion to foreign banks and $36 billion given to French and German banks alone.

The Obama administration is allowing AIG to bail out the rest of the world with your tax dollars.

So by all means, the president is happy to have you railing at “evil” but relatively small potatoes AIG executive bonuses, as it points your outrage away from his own far more costly executive abuses.

And of course, the re-distributor-in-chief hopes you won’t notice where much of the rest of the AIG bailout cash is being spent.

While $58 billion of your tax dollars — or more accurately, your children’s tax dollars — are being used to pay foreign banks, a substantial portion of that money ($43.5 billion) is being used to pay American banks, including Goldman Sachs, Merill Lynch, Bank of America, Citigroup, Wachovia, Morgan Stanley, AIG International, and JP Morgan.

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Posted in: AIG

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Categories: AIG, Subprime crisis, Tim Geithner

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