First AIG with their million dollar, manicure and pedicure all-inclusive trips to the Pacific coast a few days after a $100 billion dollar rescue by taxpayers, and now David Paterson, governor of a virtually bankrupt NY State. The man who benefited the most from Client 9's downfall, was apparently packing his suitcases to fly out Thursday on a taxpayer-funded boondoggle to Davos. While one could argue that hobnobbing with the likes of Maria Bartiromo and Bill Gates is instrumental to NY's budget reduction, the alternative case also has some merits. We, however, don't blame him for his desire to get away from it all... And "it all" includes a nearly $16 billion state deficit for 2009 (which NYC mayor Bloomberg has put his foot down and said will not be funded at the expense of New Yorkers), as well as a huge drop in his electoral popularity over AG Andrew Cuomo for the 2010 Governor race. With the poll differential declining from 49%/26% to only 35% for Paterson and 33% for Cuomo, the Governor may want to focus on actually fixing the budget crisis, before he ends up having to pay with IOUs like his California counterpart.
What is wrong with all these people: AIG and their vacations, Thain and his commode, Vikram and the jet, and now this? When will someone enlighten the financial/ruling class what exactly the definition of a recession is.
(hat tip daily news)