AIG - The Greatest Scam of Them All?

Joe Nocera's New York Times article is an excellent look at AIG's crooked scams.

It's time for our government to take off their asshat. It appears as if there is no strategy with AIG and American citizens are being bilked for the benefit for foreign banks. Stopping the collapse of AIG so we don't experience a systemic shock has great merit. But, at that point it's time to start the unwinding with the understanding that AIG would have failed without government involvement - the government needs to transfer these risks to the appropriate party if they are non-American, as many are. The American government should not be absorbing counterparty risk of foreign banks. This garbage should be diligently worked off of the government's balance sheet in an orderly fashion. If non-American counterparties aren't willing or able to take over these risks, there should be an orderly failure that is not at the expense of American citizens. In other words, we should not be burdened by bailing out foreign entities. By the time this is over, ain't no one going to be bailing out the U.S. so..............