Saturday, November 29, 2008

AIGee, We Deserve the Money

News this morning of AIG executives not getting bonuses this year, because that would be wrong. Instead, they are getting 'cash awards' to stay with the company they have run sooo well. And not just a handful of top execs, 130 of them. And, oh, they're going to get it in a couple months, not right away. My vision began to get a little blurry and red while reading this article (one of several), so I had to take a break to calm my nerves.
As many of you know, this comes on the heels of the bailout, and subsequent lavish spending of the company on its top people. Here's the breakdown.
  • Between Sept. 17th and Oct. 24th 2008, drew a total of $90.3 billion from bailout loan
  • The week after receiving the bailout, execs headed to a pricey spa retreat in Cali., dropping $440,000
  • Oct. 17th, AIG execs racked up another $86,000 on a splendid little English hunting trip
  • Nov. 10th, execs spent $343,000 at another resort in Phoenix (they tried to hide this one)
AIG, seriously, DO these people really deserve this kind of hand-and-foot treatment? After making completely horrible business choices, and having to turn over control of 79.9% of your company to the government, then being REMOVED from the Dow Jones average, is it really fair to further reward these people?
It seems to me a bit like losing your house through reckless disregard to your own finances. But it wasn't just your house you lost, it was everyone else on the block as well. And then someone comes along and moves you back into the house, and you go out and buy new leather couches, and sit them right on the lawn. Real classy, guys. Why don't you just spit on those newly homeless while you're at it.

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