AIG Financial Products CEO Gerry Pasciucco wears a T-shirt emblazoned with the face of Che Guevara — the Cuban “revolutionary” and henchman of Fidel Castro who tortured children and called himself “Stalin II” (after Joseph Stalin, the Soviet dictator who tortured, murdered and starved to death more than 20 million people). Maybe it reflects his ideological leanings. Pasciucco has given a lot of money to liberal politicians — $2300 to Obama, $2000 to Chris Dodd, Connecticut’s ethically-challenged senior senator, $1000 to the Democratic Senatorial Campaign Committee, and $1000 to liberal Ned Lamont, who unsuccessfully tried to bump off Joe Lieberman (D-CT) from the left.
I guess I should expect leftists to end up running what is essentially a nationalized company (taxpayers have spent $170 billion to bail out AIG). But it’s not a good sign. Freddie Mac was badly managed, but when the Feds took over, and started emphasizing liberal political goals over profitability, they really ran it into the ground, and Obama made it run up $30 billion in additional losses just for bailing out irresponsible mortgage borrowers.
Obama famously told Joe the Plumber he would “share the wealth around.” And he has done so on an unprecedented scale. Goldman Sachs, the wealthy Wall Street firm that is one of the biggest liberal donors, received billions from the taxpayers that it didn’t even need, through the AIG bailout, which was used to pay off AIG’s customers at absurdly generous rates (undercutting claims that AIG managers like Pasciucco have done such a good job that they deserve a fat bonus).
And the Administration has redistributed trillions more in wealth through a proposed budget that is expected to increase future budget deficits by $4.8 trillion, a pork-filled, economy-shrinking $800 billion stimulus package, and a trillion dollar toxic-asset buy-up program that will plunder taxpayers to enrich politically-connected banks (all of which contradict Obama’s campaign promise of a “net spending cut“).
After blocking limits on pay that would have covered just AIG, Congressional liberals are now moving to impose pay caps on all publicly-traded companies, not just those that receive federal funds. Companies will now have an incentive to curry favor with their Congressional masters by making lots of additional campaign contributions — just the way AIG did, giving most of its money to liberal lawmakers since 2003).
Meanwhile, the EEOC, charged with enforcing workers’ rights, is systematically violating federal labor and employment laws.