I found a recent article at CNNMoney.com to be very revealing about how our money is being spent. Following along with my previous post (
Free Money) about why the bailout needed to be closer to a loan, this illustrates my point perfectly. I have placed some of my favorite bits from the article below and a link to the original article at the end.
Will Wall Street's woes hit the Yankees?The New York Yankees are counting on corporate titans to pony up as much as $850,000 a year for luxury boxes in the team's new stadium.
The political uproar over AIG spending $440,000 on a beach retreat for its top agents - right on the heels of the insurance giant getting a taxpayer-funded bailout - may mark the beginning of the end for Wall Street's culture of excess.
Will there be AIG-like fallout for Bank of America or any other financial company that ponies up for baseball's primest real estate - particularly if they're also participating in the $700 billion financial bailout? Early indications are there will be. Says U.S. Rep. Elijah Cummings (D-MD), a member of the House Committee on Oversight and Government Reform: "It is absolutely unconscionable that a company would ask for billions of dollars from taxpayers who are struggling to keep their homes and pay their bills - and then in the next breath spend $850,000 of that money on a luxury skybox to watch a baseball game."
[By
Jon Birger, senior writer for Fortune,
Original Article]