Prepare To Be Offended

As the protesting over the AIG bonuses continue, more execs are leaving the troubled company and I don’t blame them. From Hot Air:

Several more employees are leaving the controversial financial products unit that brought American International Group Inc to its knees last year, according to a person with knowledge of developments there.

The resignations are in addition to the “handful” of senior AIG Financial Products executives who have already given notice, said the person, who could not quantify the total number of departures.

To date, AIG said the situation at the financial products unit remains “manageable,” despite the departures. But if too many employees quit, Chief Executive Edward Liddy has warned it could be disastrous for AIG and, ultimately, for U.S. taxpayers who are the insurer’s majority owners. Employees there were promised retention payments more than a year ago, on condition they stayed long enough to wind down their areas of business, effectively working themselves out of a job.

But now some have changed their minds, fed up after 10 days of ridicule and scorn from lawmakers who broadly derided the bonuses, demonstrators picketing outside AIG offices and a threat by New York Attorney General Andrew Cuomo to publicly name anyone who did not return the bonuses.

The employees still working are not the ones who caused the large losses and “are being unfairly persecuted by elected officials,” wrote Jake DeSantis, an executive vice-president for the Wilton, Connecticut-based financial products unit, in a resignation letter printed by the New York Times on Wednesday.

This is the problem with the mob mentality and an over eager congress and administration that wishes to hide their real problems. They don’t pay attention to the facts, or worse, the consequences of their actions.

Kiss your billions dumped into AIG good bye.

Back in November I mentioned what I would do if I was GM and got a bailout. Well, it seems like GM is starting down route by taking 1 billion they received from the government and investing it in Brazil.

From The Latin American Herald Tribune:

SAO PAULO — General Motors plans to invest $1 billion in Brazil to avoid the kind of problems the U.S. automaker is facing in its home market, said the beleaguered car maker.

According to the president of GM Brazil-Mercosur, Jaime Ardila, the funding will come from the package of financial aid that the manufacturer will receive from the U.S. government and will be used to “complete the renovation of the line of products up to 2012.”

“It wouldn’t be logical to withdraw the investment from where we’re growing, and our goal is to protect investments in emerging markets,” he said in a statement published by the business daily Gazeta Mercantil.

While I don’t relish the thought of my tax dollars going to investment in another country, it isn’t like they spent $50 million on a new jet or something stupid like that. If anything it might help the US company stay afloat in the future, which is good for the US economy.

H/T Gateway Pundit

A Rasmussen poll of 1000 adults says that 73% of them don’t want the government to bailout the auto makers. I don’t think it will make much difference as congress and the democrats in particular really don’t care what the majority of Americans want.

So much for democracy.

Neil Cavuto has a wonderful idea on how to keep these mooching CEO’s from asking for a bailout. The current corp is the automakers. So, here is the plan, first we’ll give you the money but you have to resign. Obviously these CEOs have run their companies badly. No golden parachutes or anything like that.

Wonder how many CEOs would still be standing in line for that multibillion dollar welfare check?

As soon as I can find the video I’ll add it. It is good.