http://biz.yahoo.com/usnews/090318/18_the_aig_bonuses_a_welcome_scandal.html?sec=topStories&pos=7&asset=TBD&ccode=TBD
That first line says it all because most people don't have the finacial savy to really understand what the investment banks did to this country as well as the world.
Finally. A scandal we can relate to.
For the last year, something has been really wrong with the U.S. economy. But what, exactly? The collapse of Bear Stearns in March 2008 was the first indicator. The government stepped in with a $29 billion bailout, marking the first time many Americans may have heard of "mortgage-backed securities."
After that, the indomitable housing market started to plunge. Fannie Mae and Freddie Mac became wards of the state. Lehman Brothers failed, with Merrill Lynch, Citigroup, and even Morgan Stanley at risk of falling next. Then AIG nearly collapsed, saved only by an emergency government loan of $85 billion that made Bear Stearns seem like a bargain.
