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Michael Lewis on the bailout: Opacity over outrage
- brc 18y agoThis 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.