

Michael Lewis on the bailout: Opacity over outrage - falsestprophet
http://www.bloomberg.com/apps/news?pid=20601039&sid=atlHxXH7FweQ

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brc
This article is on the money. All the bluster and outrage about the employee
bonuses is merely because it's been successfully framed as a moral issue and
not a financial issue.

All crises need a scapegoat and the management of AIG have been rightly or
wrongly handed the role. If each household in the US had been handed an
invoice for $5000 to raise the hundreds aof billions to bail out AIG, then the
bailout would never have happened. Yet you can argue the same thing has
happened. And most of the money went to counterparties, like Goldman Sachs,
courtesy of Paulson.

