Not Spitzer's Job, Wall Street Journal In Cahoots with AIG Scandal, War Profiteering KBR

[Stinger2]

Not Spitzer's Job, Wall Street Journal In Cahoots with AIG Scandal, War Profiteering KBR

Not Spitzer's Job, 2004

Mr. Spitzer has no authority to dictate how insurance brokers are paid. Improving disclosure is unobjectionable, but meddling with market-based incentive schemes is risky. If New York's elected legislators want to ban this variety of sales commissions, that's their business. It's not Mr. Spitzer's job to regulate entire industries through threats of endless litigation.

http://www.cato.org/pub_display.php?pub_id=4591


Defense Base Act Revisited

As an example, he cited the LOGCAP troop support contract, which at the start of the Iraq War was held by KBR, then a Halliburton subsidiary. KBR paid AIG $284 million for workers' compensation coverage. KBR's contract was cost-plus, meaning the government agrees to pay all the companies' costs plus a percentage to guarantee them a profit. So the $284 million premium plus a markup for KBR of up to $8 million was billed to the taxpayer, for a total of $292 million. Out of this amount, just $73 million actually goes to injured contractors, and AIG and KBR pocket the rest.

http://www.cato.org/pub_display.php?pub_id=9427

The Big Boys set this all up from the beginning knowing the Bush Administration would let them run free, stealing at will, even war Profiteering was not beneath the greed in Wall Street and AIG.

[BrklynLiberal]

1. If there was ever any doubt that Spitzer was targeted, this should dispel it.

He was targeting AIG 5 years ago.

[oldtime dfl_er]

2. I'm no genius

and it's completely obvious to me that's what happened.

[aquart]

3. Me, too.

[leveymg]

4. Mr. Cuomo - there's some unfinished business for you.