AIG popularity down, stock market up!
Mar
16
I received this picture from our company associate in Bonaire. He told me that he got sunburned on Saturday working on his yard. Compare to that, we had snow again this weekend. It is raining again today in Seattle.
I was listening to the radio on the way to work and heard people are outraged about AGI planning to give 165 million dollars in bonus after receiving 170 billion dollars from the US government. It is only 1/10 of a percent, but the act of using tax to payoff the very people who created this problem does not go well with public.
But, as I looked at the stock market today, it is going up. Why is that?
I believe now people are so outraged, the government will not be able to issue any more aids to other financial institutions and automakers. That will ensure the bankruptcy and dissolution of those companies. That seems like a bad news, but the very fact that market is reacting in the opposite direct shows people do not want government intervention any more. Let the failed companies fail and let successful companies succeed. The message is clear but it is a strong and hard message for some politicians and corporate executives.
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