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Who is the AIG April Fool?

By Steve Lombardi

Today's April Fool is from AIG, more than likely a bailout bonus recipient.

On March 31, 2009 an advertisement was taken out in the Wall Street Journal, A Public Apology and Plea to all AIG Associates. Read the 'apology' and if you can find the words 'I'm sorry' or 'all AIG Associates should be sorry', I'll be surprised, because there is no apology only arrogance of the writer who doesn't even have the temerity to sign the advertisement.

This post is about what that person wrote and who they are, but try to hide.

Wall Street got us into this mess, not Main Street.

The financial mess was caused by Wall Street not Main Street. Everyone in the line of succession ignored time-honored business practices and common sense in order to make a quick buck.

Whoever wrote this doesn't get it. Whoever you are you don't get it. They don't' understand what has made the general public angry and clearly doesn't appreciate how wide spread anger has reached over the mess Wall Street has created. Our anger is not a 'charade' by politicians and the media. Far from it. This is real anger over Wall Street wanting it both ways: Capitalism on the way up and socialism on the way down.

We are angry about being treated like April fools without a brain.

The person who wrote this plea is clueless about the trials and tribulations of the working men and women of this country. This person is obviously a bonus recipient who fears the bonus he received will be taken away either by taxation or by the Attorney Generals of Connecticut or New York.

We are appalled that, before our very eyes, they are systematically demeaning and dismantling America's financial services sector – a proven facilitator of wealth and job creation. This national asset, with all of its flaws, is irrefutably the very best in the world.

Like I said this person just doesn't get it. We aren't like you and don't see Wall Street as being systematically demeaned and dismantled. Instead we see Wall Street as having foolishly used our retirement savings to purchase what were essentially bets; and stupid ones at that.

We see Wall Street greed as having caused most Americans to have to put off retirement.

We see Wall Street as greedy and without any conscience.

We see Wall Street CEO's and accounting no longer embracing the idea that shame is bad.

We see Wall Street talking a good talk (It's all about capitalism and a free market economy! Rah-rah!) but not walking the walk. (Where is my bailout? Poor me! You can't let me fail!)

We see it as capitalism on the way up (Bonuses to CEO's.) but socialism on the way down. (Bailouts at the taxpayers' expense.)

We see you running Wall Street like a club, not for the shareholders but for the CEO's and Ivy Leaguers that frequent its halls. While the Bernie Madoff's stole from unsuspecting investors you like the rest of Wall Street simply looked the other way. After all your turn is surely to come along if you just go along.

We see arrogance, but not with politicians. Arrogance is with you and those who are being paid hundreds of millions to billions of dollars in bonuses for doing nothing. (Y2K, stock options back dating, Enron and WorldCom accounting fraud, to name just a few.) You think we aren't counting or can't count the number of times we've been ripped off. Well we can and are.

We see the public corporations that we've invested our retirement savings in, being run more like an elite club of over paid liars and cheats who would steal from their own mother rather than put in an honest days work and expect an honest days pay. Come to think of it didn't Madoff steal from his family and friends?

To whoever wrote this moch apology don't think for a second that you are one of us, you will never again be one of us. We actually work for a living and most of us by the hour.

Unlike you we still understand shame and pride ourselves on a day of hard work and honest labor.

No sir, you aren't like us in the least. So either tell us who you are or shut the hell up.

And one more thing, using the tax code to extract these unearned bonuses isn't absurd, vindictive or small minded. It's the right thing to do because you as a member of the Wall Street bonus billionaires club could not have earned those bonuses, aren't getting the shareholder's message and in a time of crisis if you think you can continue to reap the largess of our empathy you are more bankrupt morally than we ever imagined. Remember those shareholders have a vote, not just at the annual meeting where we are ignored but in the voting booth where we have the power to take back what is rightfully ours. And don't think donating the bonuses that were funded by bailout money scares the taxpayers. Far from it; we can change the tax code to make all donations from large corporations a nondeductible item. Even someone as arrogant as you can figure that one out.

Is your name April Fool?

Either have the guts to sign what you publish or sit down and shut up.

• Retroactive use of the tax code to punish any private citizen is an absurd, vindictive, small minded act by political hacks!!

A special message to bonus recipients: If after reading this, you are still overcome with guilt – please don't give the money back to proven, profligate spenders – donate it to a useful charitable cause.

Here is the full version of the ad that was printed in the Wall Street Journal on March 31, 2009.

The unedited version of:
A Public Apology and Plea
to all AIG Associates
[ including bonus recipients ]

Thoughtful Americans – people of common sense and good will – know exactly what is going on today in American Politics.
Whether or not the proposed absurd, onerous tax penalties are eventually signed into law, we share the outrage you must feel for the utter hypocrisy, heavy handedness, and pure idiocy of our elected officials. There is nothing new about the concept of politicians identifying scapegoats to divert attention from their own ineptness, but they have now taken it to a preposterous level.
These polished, practiced hypocrites, aided by the media, are staging a vicious charade aimed at stirring anger amongst a naturally vindictive, vocal segment of our population – either oblivious or non-caring of the impact of this furor on you and your families.
• We have a permanently unpopular and irreparably out-of-touch Congress – both Republicans and Democrats – shamelessly pandering to an uninformed electorate – wasting taxpayer dollars treating private citizen CEOs like convicted felons – investigating everyone but themselves. It was they who passed legislation promoting sub prime mortgages and the latest ‘stimulus' package which provided for the bonuses.
• We have a populist President – in his own words – 'channeling our anger in a constructive way'. His idea of 'constructive' demeans his role as the leader of all Americans – specifically: his unnecessary divisive remarks that treat all people of wealth as greedy; his broadside attacks on excessive executive compensation as if all CEOs in Corporate America are overpaid; his sweeping, counterproductive vilification of Wall Street's 'excessive greed' -- combined with his terribly misguided advice to young folks not to pursue careers there; and, his constant, classless whining about the mess he inherited and his predecessor's mistakes. He says he is angry about all of the above, yet sees no problem in incurring the wrath of sensible Americans by running up trillion dollar deficits.
• And, no surprise, the New York and Connecticut State Attorney Generals are now piling on – issuing subpoenas.
• We are appalled that, before our very eyes, they are systematically demeaning and dismantling America's financial services sector – a proven facilitator of wealth and job creation. This national asset, with all of its flaws, is irrefutably the very best in the world.
Elections have consequences – but caring Americans, regardless of their ideology, must not remain silent on the sidelines and allow this lunacy to continue.
• The bonuses in question were voted by Congress and signed into law by the sitting President.
• Retroactive use of the tax code to punish any private citizen is an absurd, vindictive, small minded act by political hacks!!
• The money legally belongs to the bonus recipients regardless of their role in AIG. What's done is done – let's all move on to address real issues: the deficit, jobs, and economic prosperity!
For the sake of your own dignity and out of respect for your Country, do not succumb to this insanity which, if allowed to prevail, will most certainly propagate the lawless power of our Federal government.
A special message to bonus recipients: If after reading this, you are still overcome with guilt – please don't give the money back to proven, profligate spenders – donate it to a useful charitable cause.

Originally posted at InjuryBoard by Steve Lombardi

Full post as published by Des Moines Personal Injury Lawyer on April 01, 2009 (boomark / email).