Posted on 03/18/2009 9:57:43 AM PDT by jessduntno
WASHINGTON – President Barack Obama says he wants Congress to pass legislation giving the government greater regulatory authority over financial institutions like American International Group.
Standing on the White House lawn as he prepared to go to California, Obama again assailed the company for its business practices and the executive bonuses that it has authorized.
Obama said, "The buck stops with me." And he disclosed that he and members of his economic council have commenced discussions with leading congressional players on legislation that would create another regulatory entity — along the lines of the Federal Deposit Insurance Corporation — to give the government more authority over financial institutions like AIG.
(Excerpt) Read more at news.yahoo.com ...
It occurred to me this morning that, if AIG is still a functioning insurance business, then it’s receiving millions, or billions, in premiums from policy holders every day. Where is all that money going? Does it stay with AIG or does it go into the Treasury? And if it goes into the Treasury, does it go into the general fund that finances all government operations? Is AIG now like the Social Security “trust fund” that isn’t a trust at all but just more money into the common federal pot?
And if so, who’s to say that when the time comes to pay, say, Grandpa’s life insurance policy, Uncle Obama won’t just say, “Grandpa was rich and his heirs don’t deserve that taxpayer money so we’re keeping it.”? I mean, if they can violate legal contracts and take back the executive bonuses, what can’t they do?
Never has a truer sentence been uttered. By the time he's done, the buck won't be worth the paper it's made out of.
LOL
>Obama said, “The buck stops with me.”
Then WHY is 0bama never, ever responsible for anything bad that happens?
Thank you. You get it and understand it.
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