I think it is safe to assume we are all unhappy with this AIG nonsense, with emotions ranging from irritated to outraged. If you aren't, better start reading the news. This situation is just ridiculous.
I think it is in serious bad taste for AIG to give bonuses while the company is being propped up by the taxpayers. But why wouldn't they try to get as much as they could? Some of the execs that got these bonuses are most likely some of the same ones that put the business in the crapper. Did the government really think they could just hand over billions of taxpayer dollars with no strings attached? Did no one in our government have the foresight to imagine that perhaps these companies would use the money inappropriately? Really?
The real reason people are outraged is that execs are profiting (with our money) at a time when most of us are feeling the pinch. We aren't being rewarded if our companies don't do well--why should they be? But no one is really talking about the much more concerning issue of our government acting like a bunch of chickens with their heads cut off. There is so much reaction and not a whole lot of thinking, foresight or vision. I find that way more concerning. If they would've just thought this out a little instead of rushing into a bailout we wouldn't be talking about this.
I don't know if Obama is responsible for this--I don't know when AIG got their bailout money. I suspect this was on Bush's watch (but with a democratic congress either way). I do however think the man is a fantastic speaker--seriously. He talks like a normal person--have you noticed that? He doesn't sound rehearsed or forced. I admire that. Good thing he is a good speaker--he is going to have a lot of explaining to do as things continue to fall apart.
Let's hope this downward spiral is over soon. There has to be a bottom somewhere, right?
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Whether we like it or not, these employees have legal contracts for their bonuses. The bonuses were actually retention bonuses, not performance bonuses. What scares me is that Congress passes a retoactive law to tax these bonuses - that is scary. They are trying to destroy contractual law, something is is a foundation of our country and economy.
Rach, you were in HR at Best buy. Employees had contracts to work there. Do you believe that the government should have the right to interfer in those contracts? To in effect, dictate the terms of those contracts? Our country is moving in a very negative direction with the government taking a position in more and more of our lives.
I certainly do not agree with the size of the bonuses. I would be concerned with what would have happened to AIG had the executives left. They may have been responsible for some of the problems of the company but I believe that it would have been even worse if they had all left. You do not go out on the street and hire people with that type of expertise.
My 2 cents worth.
Doug
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