More on AIG. This is a portion of the text of the Washington Post story:

"Ever since it was bailed out by the government last fall, AIG has been defending itself against accusations that it was richly compensating people who caused one of the biggest financial crises in American history.

The Obama administration, since taking over the AIG rescue effort, has imposed stricter compensation rules, banning “golden parachute” payments for executives leaving firms and barring executive compensation above $500,000, except in the form of stock that cannot be cashed in until the government's loans are paid back.

The government could not revoke bonuses promised before the government's rescue efforts began, officials said.

Sen. Christopher Dodd, D-Conn., a leading critic of excessive executive compensation, backed a measure earlier this year to curb the practices, but it included an exception for bonuses agreed to before Feb. 11, 2009.

The Associated Press contributed to this report.


If AIG had not received the government (by the taxpayers) money, would it still be 'legally obligated' to pay these bonuses? If the definition of the best & brightest is the persons who got into this HUGE mess, then why keep them?

Someone should do a poll asking Americans if they got their bonus.

"The government cannot revoke bonuses promised..." That is a bunch of hogwash. But for the money from 'you and me', there would not be an issue of payment because there would not be any money.

This song and dance routine is grating on the nerves of every single person affected by the current financial mess.

Message to President Obama and ALL the advisors: STOP AIG. Their arrogance in this mess has been unbelievable.


Some comments from locals:

"I think AIG and Wall St. are more like the teen-ager who killed him parents and then asked for leniency because he was an orpan! Good call Sandy!"

"I could not agree more. AIG execs declaring bonuses for themselves would be like a drunk bus driver asking for a raise after crashing the bus. And since AIG is now essentially taxpayer-owned, it would be like that same bus driver asking his crash survivors to pay for that raise. Yeah, sure Ralph, here’s a million bucks…keep up the good work."

At this point, we need to swap out “the best and brightest” for some reasonably bright folks possessed with the will and the integrity to hold private enterprise ultimately accountable for the public good.

So long

You can read the full AIG story at:

http://www3.signonsandiego.com/stories/2009/mar/15/1n15aig235825-rescued-aig-will-give-big-bonuses/?uniontrib

Comments

Brittanicus March 15, 2009 @ 1:33 p.m.

AIG is not the only location of festering greed, even when our country is submerged in dark chasm of unemployment and foreclosures. The reason AIG, a massive mega insurance company became insolvent is that it got too big? It is a stain on America integrity as the ponzi scheme of Mr. Maldoff has shown us. When Americans taxpayers are suffering from this terrible plight cause by so many individual issues.

The import of thousands of fraudulent cheap labor through the H-1B visa game, hardly ever supervised by the dept of labor, engineered by iniquitous immigration attorneys. The unceasing betrayal of our politicians as Speaker Nancy Pelosi (D-CA) who has sold out the American worker by killing E-Verify. Unfair trade agreements that have seen our industrial base disappear into third, cheap labor countries, so that millions of US companies have closed their gates.

All around the country we have seen the padlocked factories and silent machines, because it was cheaper to import car parts from Mexico. Then to import them back across the distressed drug infested borders. Then the taxpayer bails out banks, insurance and hundreds or other defaulted business to the tune of more than a trillion dollars. Then without any oversight the executives are still receiving massive bonuses even though the company has failed. As we sink lower into this financial quagmire, our bumbling politicians led by Sen. Harry Reid (D-NV), has dishonored his Oath to Nevada constituents and the US people. By tearing out the E-Verify amendment in both the Stimulus/omnibus spending bills. It will now allow at the least 300.000 illegal labor to take construction jobs from documented workers.

Thanks to the Democratic leadership even our workforce must--submit--to millions of illegal cheap labor. They have squirreled into the both blue collar to the higher professional echelon of positions. We have till September to right this disgusting wrong, by demanding every politician revise--EVERIFY-- in perpetuity. Washington switchboard for your incensed calls to 202-224-3121

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