Why Congress Bailed Out AIG and not Bear Stearns

A short non-political statement … Who says there is equality … LOL

Remember when the economic crisis hit and the giant investment banking firm of Bear Stearns filed for bankruptcy?

The company asked for financial assistance from the government but Congress decided (perhaps wisely) that private businesses make their own decisions and should be held accountable for them.

Consequently, Bear Stearns went out of business.

Then several months later AIG, the huge insurance company, announced it too was in financial difficulty.

Congress did a 180 degree turn in their philosophy and provided bailout money for AIG. Why the change of heart?

Was it out of concern for the tens of thousands of citizens who might lose money?

Or perhaps Congress was suddenly concerned for the economy as a whole.

Well, it was nothing that complicated.

AIG INSURES THE PENSION TRUST FUND FOR

MEMBERS OF

THE UNITED STATES CONGRESS!