Why Obama Backed Down Against AIG

by Shamus Cooke
Global Research, March 22, 2009

Excerpts

The AIG controversy is one for the ages, for it starkly reveals who is really running our economic system, and to what end.

(...) The spectacle of AIG executives receiving millions of dollars in bonuses— all of it taxpayer money— aroused a deep anger across the country. Somehow, a company in which taxpayers own 80% was shelling out millions to the same executives that ran the company into the ground.

Instead of the government forcing AIG executives into the unemployment office, it was recently revealed that Democratic politicians secretly enabled them to receive million-dollar bonuses through Obama’s stimulus bill.

When the public outcry began, Obama weakly replied that “all legal avenues were being pursued”, meaning, that nothing would actually be done.

When the outcry intensified, Obama resorted to angry rhetoric— but this time words weren’t enough.

(...) The reason Obama is cowering before the pressure of the financial oligarchy is that his economic recovery plan is completely reliant on their cooperation (...)

Obama was forced to use this ridiculous approach — itself created by Wall Street insiders— because (...)

Read more: Why Obama Backed Down Against AIG

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