Back in September, 2008, the U.S. government made quick work in taking over AIG, which was sitting at an $85 billion deficit. This was one of the first, and one of the largest, bailouts the feds did in the early stages of the economic meltdown.
But the question is why?
The reason is that a majority of the Congressional retirement funds are held in ... guess who?: AIG. So what we have seen is that the Congress was quick to save their own money long before they even thought about helping the average American worker who has had to scrimp and save to try and build something for their retirement.
This puts the fed in a strange predicament: the full control of a private insurer. This is highly unusual, particularly since AIG is not directly regulated by the U.S. government. But once you know why, then it all falls into place.
It's amazing what we are finding out these days about our elected officials and their self-centered concerns. It is high time for real change, or we may soon see the U.S. going along the same route as Venezuela.
