Things I might have tweeted about if I “got” Twitter:
- Damn Microsoft! My Windows system crashed—full Blue Screen Of Death! All I was doing was running Windows XP booted off a RAID disk array that’s not supported directly by Windows, accessing an Office document from an encrypted virtual disk mounted out of a container file on a portable USB drive, copying the contents of a CD to another USB drive, using LogMeIn to remote control two other computers elsewhere in Chicago, running another copy of Windows in a VMware virtual machine, and installing a third-party camera driver, all at the same time. What a piece of crap!
- AIG executive Jake DeSantis gives Congress a well-deserved “fuck you too”:
“None of us should be cheated of our payments any more than a plumber should be cheated after he has fixed the pipes but a careless electrician causes a fire that burns down the house.”
- Awww. Kitties.
- Remember the “David After Dentist” kid?
That’s David DeVore. It turns out some idiots have no sense of humor:
I understand that we live in an entertainment-obsessed world, but videos of children on drugs cross the line.
You know, the War on Drugs is stupid enough when it’s illegal drugs we’re talking about. This is just dental anesthetic. It’s medicine you dumbass!
- Apparently the US Attorney couldn’t find enough of Bernie Madoff’s real victims so he…well…see for yourself. I’m sure all the other victims are totally legitimate…
- Sometimes upper management seems kind of stupid, even to themselves.
- Old guys like my dad who sleep during the day tend to wake up at the damnedest times…and want me to be up too.
- (Hat tip: Kip, Scott.)
Funny, I found that quote from Jake DeSantis to be the most disingenuous part of his entire letter. A fundamentally flawed analogy in every respect which has captured the imagination of those disinclined to thought.
AIG made them a deal, Congress approved the deal, De Santis kept his side of the deal, Congress is trying to back out. Contract enforcement is a cornerstone of our economic system, and a Congress that refuses to abide by it is a danger to our economy.
To put it another way, imaging this star is the AIG retention bonus pool: * = $160 million
Then this is the entire amount of public money loaned to AIG: * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * = $160 billion
And this is the amount of assets under management by AIG: * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * 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* * * * * * * * * * * * * * * * * * * * * * * * * * * * * = $1.6 trillion.
If too many AIG managers leave, AIG could lose a sizable fraction of that last figure, which means we taxpayers could lose it too. Is $160 million a small price to pay to avoid the larger loss? Yes. Are the AIG managers getting the bonus the ones who put us in this position? Maybe. Do they have us over a barrel? Yes. Should we risk billions of dollars and more economic turmoil just to teach them a lesson? Heck no.
There’s always the simplistic understanding, as long as one is happy to rely on superficial concepts without recognition of the many details that influence how those concepts apply.
If too many AIG managers leave, they will be in the very fine company of the many other managers currently seeking gainful employment. And if they leave anyway, there will be more than sufficient highly qualified applicants for their very fine jobs. The assumption of the “larger loss” is akin to the fear of terrorist attack that compels so many to sacrifice their civil rights for safety. Do you really think it’s a good idea to make decisions based on weakness and fear?
Did I mention that I thought DeSantis’ analogy was disingenuous? That’s a different issue than whether the bonuses should have been paid.
Simple is always easier to understand and express, but not always correct. Nice use of asterisks though.
The assumption of the “larger loss” is akin to the fear of terrorist attack that compels so many to sacrifice their civil rights for safety.
We’ve already lost that battle. Paulson panicked and gave AIG our money already.
Do you really think it’s a good idea to make decisions based on weakness and fear?
Normally, I think we should play to win. In the case of your terrorism example, we should assume that we will prevail over the terrorists, think about what kind of free society we’d like to live in after we win the war, and start building that society right now.
As for the financial mess, I’d prefer to live in a society that lets companies sink or swim on their own and doesn’t spend tax money propping up every failed business model.
But it’s too late for that. The decisions based on weakness and fear have already been made, and we’re kind of stuck with them now. I don’t believe there is a winning move here. At best, we should try not to lose too much. The Congressional hearings are just cheap theatrics, but they threaten to make recovery more difficult.
Did I mention that I thought DeSantis’ analogy was disingenuous?
Yes, but you didn’t explain why you thought so. Being a New York big shot, you probably know more about high finance than I do, but I’m not going to take it on faith.
I was just waiting for you to ask me about the disingenuous part, since you did that really great asterisk thing and I didn’t want anything I say to detract from it beauty and poignancy.