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Just about everybody is outraged by insurance giant AIG plans to pay bonuses. Congressman Chris Carney and Paul Kanjorski have put out strong statements on the subject. The company argues that they are just honoring contracts and need to retain the talent that helped run the company into the ground. It's an open question whether or not the government can stop this madness.
I think Iowa Senator Chuck Grassley speaks for many of us:
"But I would suggest the first thing that would make me feel a little bit better toward them if they'd follow the Japanese example and come before the American people and take that deep bow and say, I'm sorry, and then either do one of two things: resign or go commit suicide."
Stephen Colbert is calling out the pitchforks.
via videosift.com
Kanjo will be all over the telly talking about this tomorrow.
CNBC, Squawk Box
7:45 a.m.
Bloomberg TV
8:00 a.m.
MSNBC, 1600 Pennsylvania Avenue
6:00 p.m.
10 hours ago
5 comments:
Sorry Gort.
Fact of the matter is that the money is gone. Dodd of CT placed in language within the stimulus package that allowed the very such thing they are railing against. Unless a few staffers fall on their swords, their words ring hollow. Irresponsibility in pushing through legislation damaging to the American people isn't exclusive to one party.
We all should KNOW how business men work by now. When even the company, CEO, or whatnot states that we must pay to retain the "talent' is full of BS and we all know it. Business men are fabulous know to be Self Preservationist, they will cry foul and how they Must stay on the jobs. Who would want to loss a job that pays millions plus benefits and bonuses that also pay millions? The first to go is the lowly janitor and other employees who earn a living less than $100,000. Executives are GODS no matter how badly they preformed or how much they loss millions or billions for the company, you never fire executives because it was already written in the contracts when hired, though no other employee get this privilege. American Board of Directors and CEOs or as corrupt as they get. Greedy Bastards.
The Honorable Mr Kanjorski ought to just keep his big mouth shut. Mr Kanjorski was the eleventh greatest recipient of AIG/AIG employee largesse, and the ten people ranked above him are all much higher ranking and much more famous.
Expect this to continue. We've seen GM and Ford exec's fly in their private jets; Merrill Lynch exec get big bonuses, the CEO of Bank of America tell tax payers we have no right to demand to know where the tax payer dollars we sent went, and now this AIG bonusgate.
The problem is we need to get Government out of the private sector as soon as possible. The reason I think this will continue is we have not seen the "PLAN" that will fix the cause of the falling RE values. This situation is like having a patient on the operating table and thinking by just putting more and more blood in them, things will be fine. We've used enough blood, we now need to stitch the wound.
I think this is Geithner's biggest failing. Why has he not embraced the RTC concept used in the late '80's to deal with the S&L challenge. It worked. We need a floor on residential RE and until that happens, foreclosures and falling values will continue to put pressure on the banking system.
FIX THE PROBLEM, don't treat the symptom.
OUR ENTIRE FINANCIAL SYSTEM WORKS BEST WHEN GOVERNMENT LEAVES IT ALONE. I MYSELF HAVE NO PROBLEM WITH THE BONUSES, THEY PROVIDE INCENTIVE AND WERE GIVEN ALSO TO KEEP THE WORKERS FROM FLEEING TO ANOTHER CORP. WITH SECRETS REVEALED. OUR ENTIRE ECONOMIC STRUCTURE IS IN PERIL BECAUSE THE GOVERNMENT HAS TO STICK ITS NOSE WHERE IT DOES NOT BELONG. AND THE FACT THAT PEOPLE ARE THREATENING THESE WORKERS AND THEIR FAMILIES ONLY PROVES MY POINT AS TO WHO IS THE MORE CIVILIZED OF THE TWO. SHAME ON CONGRESS AND OBAMA FOR GOING BACK ON THEIR WORD AND BEING INDIAN GIVERS ON THE BONUSES!
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