Monday, March 16, 2009

AIG bonuses are a crock

Is this a great country or what? You know that's what the brazen top leaders at American International Group (AIG) have to be thinking today. Of course, it helps if you don't have a conscience.

Let's see, AIG received more than $170 billion from the government as part of the bailout and federal rescue. Then the insurance giant announces over the weekend that, golly, this is so embarrassing, but we're contractually obligated to pay $165 million in bonuses, part of a larger total payout reportedly valued at $450 million.

Let me see if I understand this correctly: your tax money and my tax money is being used to give incompetent already obsecenely wealthy executives a huge bonus for being horrible at their jobs. Makese sense to me.

OK, let's say AIG is in fact contractually obligated to give these bonuses. Are those top executives, who should be embarrassed beyond belief, contractually obligated to cash these checks? If they had an ounce of fairness and humility in their bodies, they'd just give these checks to charity or back to the government.

But don't hold your breath.

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