Tuesday, November 18, 2008

Dutch insurer wants bailout cash to grow their business


Give me a break. What started as a necessity to keep US institutions afloat during troubled times is rapidly becoming a free for all as the corporate world filters through the legal details in order to game the system. In this instance, Aegon has already received billions from the Dutch government and now has plans to buy a US bank so they can rake in even more. What's even more annoying is that Aegon is doing this not because they are experiencing financial problems but because they want to expand. So US taxpayers have the honor of funding Aegon's business growth strategy.

Congress really needs to put the brakes on here and redefine the rescue plan. If we leave it up to Paulson, Wall Street will be wading through billions in bonuses and business will be expanding into the "too big to fail" category on the taxpayers dollar. There is a complete lack of control over this process and before Bailout II moves, Bailout I needs to prove that it is targeting the initial goal of preventing massive failure and not funding normal business growth.

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