A.I.G.: Less passion, more fact

Megan McArdle sums up recent discussions on AIG, then adds some uncomfortable facts:

Of course the AIG bonuses should go back! They were paid to people in the very group that lost money! They were paid to people who have already left the firm, putting the lie to the idea of retention bonuses! Also, they couldn't get jobs anywhere else anyway, so retention bonuses are unnecessary! And it's all just unmitigated greed! They're lucky to have jobs at all! They should be volunteering to work for free, wearing sackcloth and ashes, and grovelling on the ground in front of every taxpayer they can find, begging for forgiveness!

The information now emerging from AIG tells a different story.

Of course, it's much easier for politicians and media pundits to whip up a frenzy against evil "capitalist exploiters" than it is to point out that they're actively scapegoating the innocent.