The subtext of all the auto hearings, what Cramer is taking away from them at any rate, is that we've given tens of billions of dollars to AIG but we'll give the autos nothing. This despite the fact that AIG was a rogue outfit and the autos were simply "building not-so-great cars with expensive union labor."
That alone is galling enough. But because AIG has yet to tell us where our money is going, this has created tremendous speculation about where it actually went. Now, in the December 5th analyst meeting, AIG indicated that it insured a huge amount of our residential mortgage bonds for European banks to get around capital rules of Europe. Sources now indicate that AIG has had to make many of those bonds, which are now mostly worthless.
So here's what we want to know: AIG, did you use your money, sorry, the taxpayers' money, our money, to rescue foreign banks?
And if that's the case, can somebody please tell us why it's OK to funnel money to foreign banks through AIG, but a terrible mistake to rescue domestic automakers?
Where's the money?