The spoils of failure?

I have been closely following the taxpayer bailout of A.I.G, as you all have more than likely been doing also, and I have been stunned with each new turn of events.

Okay, truth be told, I have been more than stunned – outraged might be a better word.

Being a hard working, taxpaying citizen, who with my fellow Americans has become an unwilling co-owner in A.I.G. ; the recent news has me more than a bit confused with the idea that there is a reward for failure!

I do not know about you all, but in any review of my work performance, not once have I been rewarded for failure, and most certainly would never expect to receive compensation for putting my company in financial jeopardy, nor would anyone with an ounce of common sense! Yet, it seems that this is exactly what is happening. Moreover, beyond that, a clamor has gone up that there is a contract to pay, so pay we must, it seems.

Yes, that is right, there are, evidently, contracts that state bonuses are due even if the employee looses billions of dollars and pushes their employer over the edge of financial responsibility, causing a federal bailout to keep them afloat.

Excuse me?

I mean really, do they expect us to believe that?

What I would really like to know is why these people are still employed and are still drawing salaries, much less getting bonuses – some of which were in the neighborhood of $3 million dollars! I do not know about you, but from my perspective $165M is a hell of a lot of money and that is what A.I.G. paid out thanks to the taxpayer. Although, a reporter from the New York Times pointed out on the Today Show this morning that the majority of the payouts did not exceed $1,000.00.

I suppose that to someone earning upwards of $500K, a thousand dollars is chump change.

Maybe that is chump change for some, but I would hazard a guess that for the majority of American’s a thousand dollars would indeed be a windfall.

It appears to me that there is such a vast divide between the “haves and the have not’s” today that they have put themselves in a bubble and have been floating around in something that does not even resemble reality and frankly is more like Peter Pan’s Never, Never Land.

New York Attorney General Andrew Cuomo wants to shame these wastrel’s into giving the funds back and President Obama is up in arms and wants the contracts torn up – okay, good ideas, but it is a bit like closing the barn door after all the horses have gotten out. There is clamoring from the legislature to put a new law on the books to prevent this from happening, another idea with some merit but it seems a day late and several billion dollars short, if you ask me!

I do not know about you, but it seems to be that if one looks at this from a moral and ethical standpoint no bonus payout ever would have happened. Yet how do you get a group of people who obviously do not have morals or ethics to give them back or even to admit that they are the least deserving of any bonus compensation? A group of people who have obviously not given one thought at all about a contract that probably required them to be fiscally responsible for their employer or the shareholders, so tearing up a contract that has no value at all is likewise meaningless. Similarly, the legislature of morality and ethical behavior seems futile.

Once again, with the taxpayer held over a barrel in a damned if we do, damned if we don’t predicament it appears we have few choices.

It seems to me that when one is dealing with someone for whom reality does not exist would be t0 approach the situation from his or her level. In that vein, we should consider asking Tinkerbell to transport them all from Never, Never Land for a visit with Alice in Wonderland where I will gladly play role of the Queen of Heart’s and bring back the guillotine where off with their heads will be the agenda for the day!

In addition, if A.I.G. is concerned about how to replace the casualties they need look no farther than the ranks of the unemployed  which I believe contains a multitude of worthy candidates!

7 thoughts on “The spoils of failure?

  1. One word. Scandalous.

    On the late news last night, a Brit referred to AIG as American’s Insatiable Greed. Seems to fit those at the helm. :(

  2. As I like to say: GKMF — Greed Kills.

    This is that whole Bush administration’s “There will be no oversight on how they spend the money” BS. I don’t think we have the right words in our language to express our anger over this.

  3. I just read that some of the people who got those bonuses don’t even work there anymore. Truly, no language can express the sheer chutzpah of these people.

  4. This story makes me ill. Companies like AIG are making it very difficult for those who work in the financial industry very difficult! I have never seen greed like this before, it just sickens me.

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