Saturday, August 01, 2009

Immoral hazard

This mini-analysis from Seeing the Forest is well put together:
"Did you read about the guy at Citigroup who is getting a $100 million bonus after Citigroup was bailed out with $45 billion of taxpayer money?"

Then he links to what the guy did to 'earn' the $100 million, aggressively speculate on the oil market. Continuing:
"So the guy is one of the people responsible for US having to pay so much for gas. And the guy is going to get a $100 million bonus for doing that, from OUR money! And, of course, if his big bets had failed, taxpayer dollars would be bailing the company out. Oh, wait, we're bailing them out already because of other big bets that failed..."

Tiny, tidy, and neat, on how fucked up the bailout really is. Along with the health-care debacle, and the really, really, really, really big problem with the United States that seems impossible to 'change' (more on that later), the explanation for why Obama is slated already to be a one-termer.
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