Posted by: Lawyer Sanders | September 24, 2008

Lawyer Sanders says Federal Reserve’s $700,000,000 bailout of AIG is simply wrong way to handle white collar criminals on Wall Street.

A column in Forbes offers the interesting question if there are “Seven Better Uses For $700,000,000” rather than bailing out white collar criminals at AIG and other firms on Wall Street.  The column’s author suggests:  

§  Invest in our country’s failing infrastructure and large-scale public transportation projects. 

§  Invest in large scale alternative energy projects, and when we start earning a return on that investment, invest in other clean energy projects. 

§  Invest in health care!   

§  Invest in education here at home in America.

§  Invest in trade, such as bigger and better sea ports.

§  Invest in National Security and our military.

§  Alternative government programs — other than a bailout of outrageously greedy multimillionaires working on Wall Street.

Instead of a $700,000,000 bailout, we should criminally prosecute the white collar criminals who stole billions of dollars through deceptive practices on Wall Street.   As Kentucky Senator Jim Bunning succintly stated, “the Federal Reserve  has put the taxpayers on the hook for billions of dollars to bail out an institution that put greed ahead of responsibility and used their good name to take risky bets that did not pay off. The only difference between what the Fed did and what Hugo Chavez is doing in Venezuela is Chavez doesn’t put taxpayer dollars at risk when he takes over companies – he just takes them.”  God bless Senator Bunning for his candor and intestinal fortitude on this issue.  

We are NOT happy on Main Street with this conduct or the Bush Administration’s plan to save these criminals.  I will personally express my outrage at this conduct by my vote in the November election.  I hope  you will do the same.

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