Waiting for AIG to Do the Right Thing

By Fred

Washington is furious over AIG’s plan to waste $165 million taxpayer dollars on bonuses to incompetent executives, but Senator Charles Grassley (R-Iowa) had the best idea:

“I 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.

“And in the case of the Japanese, they usually commit suicide before they make any apology.”

I suggested hard labor on a chain gang, but hara-kari’s even better.

President Obama vows to do whatever he can to stop the bonuses, and to ensure that companies asking for government handouts never try it again.

AIG calls the bonuses “retention payments” (like they’re owed) and promises to cut them by 30% for 2009.

Hello??!! We want them cut 100% today. There’s no need to retain people who ruined the company.

New York Attorney General Andrew Cuomo demanded a list of the people set to receive bonuses, as well as the negotiators of their contracts. AIG ignored him, so Cuomo plans to issue subpoenas.

The so-called sanctity of employer-employee contracts doesn’t justify the bonuses. The suits who run their companies into a ditch and then blithely throw thousands of people out of work with no severance, no benefits, and no notice deserve no special protection — and certainly no payoffs.

There’s hope the executives will be shamed into turning down the money, but it makes no sense to expect decency from people who earned their living screwing investors.

I say Cuomo should go for it. And gently-used, sharpened old swords should be sent to AIG in case any execs decide to do the right thing.

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3 Responses to Waiting for AIG to Do the Right Thing

  1. kim says:

    Seppuku would imply a sense of honor nonexistent in many of the financiers of AIG.

  2. Bob says:

    I must agree, the selfless act of taking ones own life for the master must imply an sense of honor..

    These bastards were out for their own good, Money money money…

    They lack the decency and obviously want to fill at the now public trough again..

    Like Jon Stewart said last night maybe an uprising is in order.. Accounts need to be settled.

    Its not my axe to grind being Canadian, but someone has to pay the price for this finance run amuck.

    Just my two cents… If they are worth anything now…

    Bob

  3. catsworking says:

    Bob and Kim, you are right about the sense of honor aspect. They’d definitely have to fake that.

    I like the latest idea I heard of taxing the bonuses at 100%, although it’s not bloody enough.

    What I don’t like is the new CEO, Liddy, playing the innocent, helpless victim in all this. “There was nothing I could do. They had CONTRACTS!”

    Yeah, tell that to the unionized auto workers who let their contracts be modified to help their companies stay afloat. And they weren’t the ones RESPONSIBLE for the situation, like these AIG bastards were.

    And now we’re learning that some of the people who walked away with over $1 million are FORMER employees, and some aren’t even AMERICAN CITIZENS (so chances of recovery from them is remote because they can evade U.S. taxes).

    Seriously, prosecution and jail time is the only remedy for this behavior. Make a good example of some CEOs who turn a blind eye to this stuff and dare the rest to try it.

    And if they let Bernie Madoff out of jail until his sentencing, the fur is REALLY going to fly!

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