Tuesday, March 17, 2009

AIG Outrage

Jim VandeHei covers the uproar at AIG's management bonuses. He thinks White House and Congressional outrage rings hollow, considering how long the bonus plan has been publicly announced (more than one year). He doesn't mention the billions of dollars AIG has paid to foreign banks, nor the billions paid to troubled domestic banks like Goldman Sachs (h/t Instapundit).

This spontaneous outrage reminds me of a Johnny Miller story I heard. Miller was playing in a local pro-am. An amateur golfer in his group was struggling, and every time he made a bad shot, he'd explode with obscenities. This went on for a while, and eventually Miller stopped the outraged amateur mid-rant, and told him, "Look, you're just not a good enough golfer to be that angry."

Are the President, Treasury Secretary, and Congress good enough to be this angry? I don't think so.

Update: Eliot Spitzer points out Goldman's and other banks' double bailout, and then asks some very good questions.