Greed

What an apt word to use. US President Obama nailed it right to the core. Recklessness and greed is the root of the current financial turmoil among insurance giants like AIG.

And while the taxpayers are burdened by the relative effect of the economic distress in United States, the AIG is giving out bonuses to its executives.

Obama said over CNN that the payments are an “outrage.” It is indeed very ironic to see a distressed corporation bailed out by the government for $173 billion just so it could continue operations.

"This is a corporation that finds itself in financial distress due to recklessness and greed…Under these circumstances, it's hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay. I mean, how do they justify this outrage to the taxpayers who are keeping the company afloat?" Obama said over international media.

The people have the right to be angry, outraged if your must. They have the right to ask what is happening to these firms. What happened to their small investments poured in to these companies? If the Congress can find a way to prevent such greed and irresponsibility, then they must approve new laws to teach these giants some lessons.