Tuesday, October 07, 2008
Cavalcade of Capitalists: Is It Ever Really About Main Street When the Bailed Out Insurance Execs Head for Resort Retreats?
Letting the taxpayers who bail them out eat cake, AIG execs are jet-setting to beautiful Orange County, California to enjoy $200,000 rooms and $20,000 pedicures at the "Tuscan-inspired" St. Regis, Monarch Beach Resort. And they do so with a false sense of entitlement, free from worry because they may enjoy a publicly-subsidized safety net for their risky financial behavior. However, it's no risk to them, but to those who live on the "Main Streets" that bailout cheerleaders claim we need to protect from financial ruin. If the financial geniuses at AIG keep up their luxury spending in conditions where frugality is the better part of preservation, Main Street is going to end up in the same ruins it would have been in absent a bailout.