AIG smackdown looms?

Since the Bush regime gave insurance giant AIG tens of billions of dollars, AIG has spent tens of billions - on banks in foreign countries and bonuses for its wealthy executives.

One of the supposed purposes of the bailout was to keep the American economy afloat - yet the money that AIG looted from the American taxpayers went to Europe instead. Or to execs who were millionaires to begin with.

While Republicans are big on showering corporations with dough, Democrats are big on the strongly worded letter. Many Democratic-leaning blogs are familiar with the strongly worded letter as an empty warning.

It goes like this: Some Democratic official will send out a letter to some corporation or corrupt big shot telling them where they stand. Everyone gets their hopes up, because it looks like some corporate or government crook is about to be reined in. But, after the strongly worded letter is sent out, no real action is ever taken.

Now that AIG is using taxpayer money to dish out $165,000,000 to top execs, the Obama administration appears to be taking action. Treasury Secretary Timothy Geithner has been asked by Obama to block AIG from wasting our money on these bonuses.

I know what you're saying: "Ooh! A strongly worded letter!" But one hopes it's more than just that.

The government needs to take back every penny it gave to AIG.

(Source: http://www.nytimes.com/2009/03/17/us/politics/17obama.html)