The Washington Post recently reported that the federal government has changed the rules of the $1 trillion program to relieve banks of toxic assets. President Obama’s administration is back-pedalling on promises it made to financial institutions only a month ago that they would not face
In spending its way to economic recovery, the government boldly casts principles aside
Many Americans have experienced the adverse consequences of the recent economic downturn: retirement savings wiped out, jobs lost, or at least a general feeling of financial uncertainty. Our leaders in Washington have reacted
The recent bonuses paid to executives in the financial division of AIG have created a firestorm. In response to the national outrage, the government has bent over backwards to find some loophole that would allow it to take back these bonuses, bonuses that were not
The continuing AIG controversy is a textbook example of blaming the market for the sins of government. Rather than allowing a bankrupt company to get its just desserts, the government stepped in and took it over. Now taxpayers are on the hook for billions of
Over the last few days Washington has been denouncing AIG for paying out retention bonuses to employees in its financial-products division—the same division responsible for much of the company’s recent losses.
Relegated to the background is the fact the bonuses are a lawful contractual obligation. While