Danger moment

The backlash against AIG’s knuckleheaded bonuses could endanger the global economy. The outrage over the $165m bonuses has turned financiers and bankers into devils and further undermined the credibility of Tim Geithner, the US Treasury secretary. This, in turn, will make it harder for President Barack Obama to ask Congress for more money to get the banking system on its feet. And, until US banks are shored up, the whole global economy will wobble. Uncertainty surrounding the biggest US banks l...