Sunday, March 15, 2009

And Nothing Ever Changes

The fact that A.I.G. continues to distribute executive bonuses, regardless of prior arrangements, is nothing short of criminal. Here is a giant insurer that has already been given over $170 billion dollars of American taxpayers' money, and yet, they still have the audacity to pay out an additional $165 million in "retention" bonuses. From the New York Times:

The bonus plan established for the financial products unit before the federal government stepped in called for $220 million in retention pay for 400 employees for 2008. About $55 million of that was paid in December and the remaining $165 million was paid on Friday.

The retention plan also calls for another $230 million in bonuses for 2009 that are due to be paid by March 2010. Combined with the 2008 bonuses, that would bring the total retention pay for financial products executives to $450 million.

I'm sure I can speak for most Americans when I say that I do not give a damn about your bonuses. We all get a paycheck, and we make it work. Your company screwed up royally, and yet we all have to suffer the consequences. As I said, nothing ever changes. Treasury Secretary Timothy F. Geithner could only pressure them to lower their next year bonuses by 30%. This is inexcusable. There should be no compromise. Cut the bonuses out completely or A.I.G. should be cut loose. Good luck.

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