The Arrogance Of AIG

Unless you live under a rock, you have probably heard by now that AIG has given upwards of $165 million dollars in bonus money to employees of their financial sector. This is coming out of our pockets because it's bailout money. The arrogance of AIG is astounding.

We've been duped, folks.

AIG's financial sector is reported as being one of the main reasons for our current economic meltdown. AIG states that this is "retention money" to keep employees in the financial sector from leaving. Now, I'm not a rocket scientest, but I do know that you don't throw good money after bad. I think pink slips would have been a much better choice. Dont let the door hit them on the way out.

Why retain people that caused this whole tumbling domino economic decline?

It just doesn't make sense.

AIG managment says that the retention money was contractually negotiated before the bailout and they legally had to pay. Wouldn't you think that those contracts would have an "out clause" in them so they wouldn't have to pay. We've all dealt with insurance companies before. They all have wiggle room for the company's favor in the fine print.

I don't know about you, but I've never been rewarded big bucks for sucking at my job.

I also read that AIG has paid off debt to foreign banks with our bailout money who also got US bailout money already from our government.

President Obama and congress say they are outraged by this. Well, they should be. However, I wonder why they were asleep at the wheel to let this happen in the first place. If they let greedy, arrogant people run wild with billions of dollars, what did they think was going to happen?

Common sense thinking sure could have gone a long way.

You might want to read about the fall of AIG by purchasing the book below.




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