The last six months have seen the largest transfer of wealth in human history, as more than $2 Trillion ($9 Trillion by Bloomberg's estimate) has been transferred from you and me to enormous corporations that can't manage their businesses properly. No one's been worse than AIG, bellying up to the trough repeatedly, gorging on BILLIONS of OUR dollars.
What's the new official government policy regarding crooks, cheats, manipulators and failures? We FINANCE them so they can do it bigger, and so their competitors in the market who play by the rules, get to compete against their own tax dollars. How does it make any sense to REWARD the companies and shareholders who are failing for whatever reason?
The free market hasn't failed. Our government is destroying it. These are the sorts of crooks we're giving money to. Bailing out AIG only encourages their shareholders to keep hiring crooks like Christian Milton.
A former executive of American International Group Inc. has been sentenced to four years in prison in a fraud case that authorities say cost shareholders more than $500 million.
Christian Milton of Winnewood, Pa., declined to comment during a hearing in federal court on Tuesday in Hartford. He was ordered to report to prison March 25. His lawyers say they're working on an appeal.
Milton was convicted last year of conspiracy, securities fraud, mail fraud and making false statements to the Securities and Exchange Commission.
The 58-year-old Milton had been AIG's vice president of reinsurance.
Prosecutors say the fraud involved executives from AIG and General Re Corp. propping up AIG's stock price and inflating reserves by $500 million.
BusinessWeek article here
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