AIG bonuses
I always thought that bonuses, by definition, were something extra that was awarded for good performance. The government is claiming that AIG is contractually obligated to pay these obscene amounts of money to its executives, in some cases as much as $6 million.
Most of the bonus money, we hear, is going directly to the division that made the shaky investments that put AIG in the hole. If they have the bonuses coming to them no matter what, they really aren't bonuses. They're salary.
AIG argues that if they didn't pay bonuses like these, they would lose their best and brightest talent. I submit we could find better and brighter by randomly running a finger down the Manhattan white pages.
And another thing-- AIG fears that if the execs don't get paid, they might sue. I say, let them. No, encourage them. It would be high entertainment indeed to watch their lawyers try to assemble a jury of American taxpayers that would return a verdict in their clients' favor.
CHAN LOWE has been the Sun Sentinel’s first and only editorial cartoonist for the past twenty-six years. Before that, he worked as cartoonist and writer for the Oklahoma City Times and the Shawnee (OK) News-Star.
Comments
They need to be charged with fraud and serve time in jail as someone's bride. A bride with a very hairy back & disgusting teeth.
Posted by: jenn | March 16, 2009 9:46 PM
Could it be that Chans outrage might be better directed at the people who actually caused the problems instead of those who were forced to lend money to people who had no possable way of re paying it? Could it be that some how the ones in Washinton who are in charge of fixing the mess be the very ones who caused it in the first place? Streach pelosi, Hot dog lover Barney, Dude Dodd, check out some real history about the problem instead of walking lock step with the demmicats and your liberal drivel supposed news media.
Posted by: Wood carver | March 17, 2009 9:18 AM
The problem doesn't lie with AIG paying bonuses. The problem is our {corrupt, inept, idiotic} choose your adjective government paying out huge sums of money to bail out failed businesses. Any company that managed to lose this much money is unlikely to suddenly become prudent after winning the lottery {no wait, after being bailed out}.
If we need to blame someone let's follow the money. Paulson, the last Treasury Secretary is a past CEO of Goldman-Sachs. He was in charge of the bailout. The reason Goldman-Sachs is not in financial trouble is because they insured their bad loans with AIG. Thus, the bailout money, authorized by former (and maybe future) Goldman-Sachs employees enriched Goldman-Sachs and is impoverishing us regular citizens.
So when the economy really tanks as a result of the bailouts bankrupting the country, the problem will be blamed on Capitalism. Instead, let's blame the problem on the criminals who work for and control the government.
Posted by: Lolly | March 18, 2009 10:24 AM
"The problem doesn't lie with AIG paying bonuses. The problem is our {corrupt, inept, idiotic} choose your adjective government paying out huge sums of money to bail out failed businesses."
Very well stated, my friend.
Posted by: Harry | March 19, 2009 5:50 PM
Well said!
Posted by: jean deveber | March 23, 2009 3:32 PM