This falls for the competency excuse we’re hearing so much about. But there’s no reason for us to worry about losing these people and their suppoed ability to work through their contracts. The plain fact is AIG is staffed by people who were either incompetent or criminal. Incompetent because they didn’t see how what they were doing was unsustainable and destructive in the long run, to their own business and the economy as a whole. I hardly think we need to spend hundreds of millions of dollars – every few months, it seems – to retain utterly incompetent workers. If, however, they weren’t incompetent, it means they knew that what they were doing was unsustainable and destructive. They knew their actions would precipitate a huge crisis, and they did it anyway in order to make a fast buck. That’s criminal. And I don’t see the need to spend hundreds of millions of dollars to keep criminals around so they can continue rooting through the contracts of a business they no longer own to see what kinds of fast bucks they can still make.
Cogitamus: Nobody Could Have Predicted That Geithner And Summers Would Be Tools
Read the rest of this, but here is the meat of a great take on the AIG (and 0ther Wall Streeters) and a perspective that we never otherwise hear.