AIG bonuses and how to handle corruption

The situation that developed in the US regarding the bonuses paid to AIG execs may be used as an example of how quickly the government and public can move to deal with corruption. Here is the timeline:
- on Tuesday, March 10th, Secretary Geithner learned that A.I.G. by Sunday would send out the bonuses to employees at its financial products unit
- on Sunday, March 15, Obama administration voices outrage
- on Monday, March 16, New York Attorney General Andrew Cuomo issued legal papers demanding that AIG reveal the names of those receiving the bonuses
- Monday through Wednesday, media, US Congress and the American public are outraged; US senators announce plan to tax bonuses
- social media and individual discuss the issue and put forward initiatives, like this populist revolt proposed by Fred Wilson on Wednesday, March 18
- March 19 - The House of Representatives passes a bill taxing AIG and other bonuses
- March 20 - A coalition of 19 state attorneys general launches an investigation into bonuses paid to employees at AIG


More to come, stay tuned

Politics, hope and expectations

The upcoming inauguration of the 44th US President on Tuesday is, among other things, an opportunity for pause and reflection. There is so much hope, so many expectations and the joy of a new beginning, not unlike Romania in December 1989, when the Communist dictatorship fell, or Romania in November 1996 when Emil Constantinescu became 2nd President of the post-Communist era. Many would cringe at the comparison: Romania is a god-forgotten country somewhere in the god-forgotten Eastern Europe, and the US is the mighty power of the world. And yet, I would argue that there are similarities. Romania in 1989 was drained of dreams, prospects and resources after too many years of Communism that culminated with Ceausescu. The US in 2008 was fed-up with an Administration that diminished the country's status of leadership in the world and drained it internally of social and economic resources. In 2009, many would say that most of the dreams that emerged in Romania in 1989 were shattered and never materialized. I would argue the oposite; I see the oposite every time I go back and visit. For better of worse, Romania made the giant step of joining the EU and is a vibrant and exciting place. Hopefuly there will not be too many shatered dreams during the next four, or maybe eight years in the US. Great changes bring with them great hopes and opportunities.