Understanding the Bailout, and Why We Needed One in the First Place

Longest title *evar*.

For those who haven't listened to it, take an hour to do so. This American Life did a *brilliant* piece on understanding what all this bailout stuff is about, and how it happened. Chances are, it's not quite what you think (no, it's not space aliens either).

This will open up in iTunes.
http://phobos.apple.com/WebObjects/MZStore.woa/wa/viewPodcast?i=41158640&id=201671138

This is a direct download of the MP3
http://podcast.thisamericanlife.org/podcast/365.mp3


Edit: This isn't the transcript for the current ep, but rather the companion ep. The link still works, but it's no longer directly relevant.

This is a PDF transcript (in case you wish to read, rather than listen. Trust me, listening is better. Consider this an addendum and reference.)
http://www.thislife.org/extras/radio/355_transcript.pdf

Understanding the Bailout, and Why We Needed One in the First Place

Longest title *evar*.

For those who haven't listened to it, take an hour to do so. This American Life did a *brilliant* piece on understanding what all this bailout stuff is about, and how it happened. Chances are, it's not quite what you think (no, it's not space aliens either).

This will open up in iTunes.
http://phobos.apple.com/WebObjects/MZStore.woa/wa/viewPodcast?i=41158640&id=201671138

This is a direct download of the MP3
http://podcast.thisamericanlife.org/podcast/365.mp3


Edit: This isn't the transcript for the current ep, but rather the companion ep. The link still works, but it's no longer directly relevant.

This is a PDF transcript (in case you wish to read, rather than listen. Trust me, listening is better. Consider this an addendum and reference.)
http://www.thislife.org/extras/radio/355_transcript.pdf

Goatfuckers

So we gave them 85 BILLION dollars, and they go away and spend $440,000 dollars on a week long spa retreat.

http://abcnews.go.com/Blotter/story?id=5973452&page=1

Less than a week after the federal government committed $85 billion to bail out AIG, executives of the giant AIG insurance company headed for a week-long retreat at a luxury resort and spa, the St. Regis Resort in Monarch Beach, California, Congressional investigators revealed today.

Two AIG CEOs testify to Congress about their use of taxpayer bailout money.
"Rooms at this resort can cost over $1,000 a night," Congressman Henry Waxman (D-CA) said this morning as his committee continued its investigation of Wall Street and its CEOs.

AIG documents obtained by Waxman's investigators show the company paid more than $440,000 for the retreat, including nearly $200,000 for rooms, $150,000 for meals and $23,000 in spa charges.

"They're getting their pedicures and their manicures and the American people are paying for that," said Cong. Elijah Cummings (D-MD).

"This unbridled greed," said Cong. Mark Souder (R-IN), "it's an insensitivity to how people are spending our dollars."

Appearing before the committee, Martin Sullivan, the AIG CEO until June, said the company was overwhelmed by a "financial global tsunami," and that "no simple or single cause" was to blame.

Goatfuckers

So we gave them 85 BILLION dollars, and they go away and spend $440,000 dollars on a week long spa retreat.

http://abcnews.go.com/Blotter/story?id=5973452&page=1

Less than a week after the federal government committed $85 billion to bail out AIG, executives of the giant AIG insurance company headed for a week-long retreat at a luxury resort and spa, the St. Regis Resort in Monarch Beach, California, Congressional investigators revealed today.

Two AIG CEOs testify to Congress about their use of taxpayer bailout money.
"Rooms at this resort can cost over $1,000 a night," Congressman Henry Waxman (D-CA) said this morning as his committee continued its investigation of Wall Street and its CEOs.

AIG documents obtained by Waxman's investigators show the company paid more than $440,000 for the retreat, including nearly $200,000 for rooms, $150,000 for meals and $23,000 in spa charges.

"They're getting their pedicures and their manicures and the American people are paying for that," said Cong. Elijah Cummings (D-MD).

"This unbridled greed," said Cong. Mark Souder (R-IN), "it's an insensitivity to how people are spending our dollars."

Appearing before the committee, Martin Sullivan, the AIG CEO until June, said the company was overwhelmed by a "financial global tsunami," and that "no simple or single cause" was to blame.