Before we reveal our candidate for eternal damnation, a few thoughts about AIG and their indefensibly clueless decision to follow legal protocol and award millions in bonuses to the key players in their London "financial products" division:
1) As Gretchen Morgenson so aptly described today on Fresh Air (D.O.E. has a love/hate relationship with NPR) if the economy doesn't improve pronto we may have to give EVEN MORE MONEY to AIG, due to maturing credit-default swaps. Wether the American taxpayer then collectively storms the castle, torches and pitchforks in hand, is open to question.
2) I love how Obama's condemnation of AIG's bonus giveaway made Larry Summers look like such a pompous asshole for the remarks he made about "America, a nation of laws" and "the sanctity of contracts" on the Sunday pundit gab-fests. I predict both Summers and Geithner will be millstones around Barry's neck 'till he throws 'em overboard!
3) Dr. Doom has spoken! On Saturday uber-heavyweight economist Nouriel Roubini referred to last week's market "rally" as a "dead cat bounce", nothing to get your assets out of T-bills for.
And now, D.O.E. proudly nominates Joesph Cassano, president of AIG Financial Products, as the Devil himself. Back when housing prices were eternally on the rise and AIG's London affiliate was insuring Mortgage-Backed Securities to the tune of, oh, 400 times the net worth of AIG itself, Mr. Cassano was receiving a million-dollar-a-month bonus. Good thing, too, because when the criminal and civil lawsuits come rollin' in, Super Joe will have the best legal representation on Planet Earth. May you be eaten by dogs.
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