End Corporate Welfare

When news broke last week that insurance giant AIG--into which the federal government has poured close to $200 billion since last September--planned to pay out $165 million in bonuses to executives in its financial products group, the backlash was swift. And understandable. These are the blockheads who pioneered the use of credit default swaps that purportedly allowed banks and other investors to hedge against losses in the secondary mortgage market. In so ... Full Story »