Here’s a Fix for AIG

By Fred

Some suits never learn. Insurer AIG, who accepted more than $170 billion in bailout money, wants to spit in taxpayers’ eyes by giving about $165 million in bonuses to their 50 top executives. The same guys who achieved Corporate America’s biggest loss in history — $61.7 billion in 4Q2008.

AIG claims their hands are tied because the incompetent execs all have contracts. They’re too stupid to do their jobs, but apparently smart enough to sue for money they know they don’t deserve.

Here’s how I see it: If you bankrupt your company, screwing your stockholders, employees, and customers, all bets are off. You can wipe your butt with that contract.

Here’s how we fix things: Taxpayers now own 80% of AIG. Step 1: Fire those guys. Step 2: Prosecute. To hell with “setting dangerous precedents.” Some dangerous precedents are exactly what we need because these crooks have no fear of repercussions.

Right now, the sight of Armani-clad executives being hauled off to prison in shackles would do for American consumer confidence what the sight of Marie Antoinette’s head in a basket did for peasants during the French Revolution.

Let ‘em spend the rest of their days pounding big rocks into gravel, which they can spread in chain gangs on some of Obama’s road improvement projects. They’ve already proven they’re not cut out for desk jobs.

These Wall St. wizards obviously still don’t get it, and the only thing nobody has tried yet is roughing them up and demanding accountability. What are we waiting for?


8 Responses to Here’s a Fix for AIG

  1. Adele says:

    Ah Fred, yet another trenchant financial commentary — these seem to be becoming your forte. I entirely agree with you and would love to see some of these execs doing the perp walk. There was a photo that went cyberspace last fall, which had a caption something like, ” During the Great Depression we felt bad about stock brokers killing themselves . . .” The picture was of people standing outside the New York Stock Exchange with signs saying “Jump, you f#*%kers.”

  2. MorganLF says:

    How vulgar that we should be made to put up with this.

    Nearly Fifty percent of my net worth is gone, and that’s not including the devaluation to my property.

    I got a bonus for these creeps, I got a bonus RIGHT HERE!

  3. catsworking says:

    Adele, I’ve seen that photo you describe. I laughed my tail off.

    When Karen opened her last 401(k) statement, she actually sat there and cried. And things have gotten even worse since then. And when she gets around to doing her taxes, she’s probably going to owe something on dividends and interest, even though the whole account is in the toilet. There’s no justice.

    What I find most offensive about this AIG thing is that they’re trying to hide behind the contracts. “Oh, if we don’t honor the contracts, it will do terrible things to contract law in general.”

    I say any over-paid executive who accepts a penny of taxpayer money should have a giant C branded on his forehead. C for “Crook.” And it should be a signal for no one to ever hire him to work for anything above minimum wage again.

    Let’s just hope that Obama’s outrage over this translates into action.

  4. Bob says:

    Love the commentary Fred.

    Even though I am not an American tax payer, I have seen my portfolio take a hit on the order of 40%.

    If you want to see a good interview … actually more like a Smackdown. Check out the Daily Show’s interview with the host of CNBC’s Mad Money..

    Lets all hope things turn around sooner than later.

  5. catsworking says:

    Bob, we worship Jon Stewart at Cats Working, and we’ve never been more proud of him than when he shredded that gas bag, Jim Cramer.

    Leading up to that showdown, Cramer was on The Today Show, and they had him watch Stewart replaying Cramer’s advice to “buy Bear Stearns” right before it went down the tubes. It was gratifying to watch the smirk melt off his face like ice cream in the sun.

    To Cramer’s credit, he must have known what he was in for when he appeared on The Daily Show, and he took it pretty well. He had no justification for his behavior except that 1) He’s dumb as shit (my personal favorite), or 2) He knew what was going on, but didn’t stick his neck out to sound the alarm.

  6. Bob says:

    What did Shakespeare say ….. Kill all the Lawyers…
    Well that’s a good start, Line up them other assholes next..

  7. Old-Man says:

    Fred, I am so happy to see this on your blog. I, too, blog, and this crap has been eating a hole in my gut since last summer. I’ve written so much about these crooks I’m exhausted. But if enough of us keep screaming long enough, loud enough, it just possible – possible, mind you – we might just get some real action from our lawmakers, and they’ll do more than just give lip service.

  8. catsworking says:

    Old-Man, I checked out your blog and discovered that we think alike. Are you sure you aren’t a cat?

    Don’t worry. I have yowled before about corporate greed, and won’t stop.

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