Monday, March 16, 2009

This. Must. Stop.

As I was sitting around Sunday, listening to the sounds of the rest of my family struggling with a stomach virus, I almost voluntarily joined them when I saw the front page of the New York Times bearing the news that AIG is poised to pay bonuses to the very guys who brought their company to the brink of ruin. If the taxpayers hadn't bailed the company out -- twice -- AIG would have gone over that brink and other companies would gleefully be picking over the financial carcass by now.

I'm not gonna go through the article point by point, because my head would explode. You can read the full article here if you want. Let's just keep our eye on the big balls, shall we?

1. The "financial products unit" is the part of AIG that had all the worthless debt, that caused a lot of the mess the country is in now. Six of the execs who presided -- and still preside -- over that unit stand to get bonuses of 3 million dollars. This makes perfect sense, right? Because at your job, if you fuck up the entire company and cause devastating aftershocks throughout the world, you should get rewarded. That's what would happen to me, and I'd be so callous, greedy, and contemptous of my fellow man that I'd take it. Sure. In reality, I'd be sent to jail, which is exactly where these mother-fuckers should go. Let 'em use their 3 mil to pay legal fees.

2. AIG is "contractually bound" to pay these bonuses. Oddly enough, the only people whose bonuses have been reduced are those who work outside the financial products unit, ie the parts of the company that weren't skewering the economy. That's fair, too, right? As to the "contractual" obligations, the Times also reports that the US Government essentially owns %80 of AIG, which means we can do whatever we want. It's our company now. Break the damn contracts. If those pricks want to sue someone for their bonuses, let 'em try to sue the government and see how far they get.

3. The chairman of AIG had the unmitigated gall to write to the Treasury complaining that AIG needs to "attract and retain the best and the brightest talent" and that these bonuses are part of that effort and that the government shouldn't "arbitrarily" adjust compensations, or else the talent will go away. Maybe I don't get it, but when AIG had unrestricted control over the executive compensation, they hired men who swindled large blocks of society. Is that the best and brightest? If so, let's take it down a notch to the "competent and honest" category. AIG is in no position to dictate how the government bails it out. If I go to my bank, tell them I'm going to build an addition on my house, get a loan, then blow it on crack whores, I'm betting the bank would come after me with both barrels blazing. We really should lock and load on these executive criminals. It's our money, and our company, now. If you don't like it, turn out the lights, 'cause it's over.

I can't stand this any more. It must stop. I'm writing to my representatives as soon as this posts and I urge you to do the same.

1 comment:

  1. When Jon Stewart can't even quell some of my outrage and anxiety over this nonsense, then you know we're in trouble. I am one more AIG-related douche move away from buying a small arsenal of guns and moving to a log cabin in the woods by myself where I can just fashion Armani business suits out of tree leaves and then set them on fire. Over and over and over again.

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