Will Grigg?s Liberty Minute

March 19, 2009

In late February, the insurance and financial services company AIG handed the Treasury Department what amounted to a $30 billion stickup note.

AIG, which had already received more than $130 billion in taxpayer funds when it was effectively nationalized last fall, insisted that it needed yet another huge infusion to stay alive ? and that its demise would mean the collapse of the entire global financial system.

That demand was met. And shortly thereafter we learned that the failed company, whose stock lost more than ninety percent of its value last fall, planned to give $165 million in bonuses to the corporate leaders who failed so spectacularly.

Former Clinton administration Labor Secretary Robert Reich is correct in observing that no bonuses would have been paid if AIG had been compelled to go to bankruptcy court, rather than being bailed out. But that?s not how things work in our system of corporate socialism.

Let us take back the liberty wherewith Christ has made us free.