So today we get news from HotAir of the “atrocity” that is the contractually mandated “bonuses” to certain AIG executives. There are all kinds of issues here but I’m going to focus on just a few.
First, if these bonuses are part of a contract with employees of AIG shouldn’t they be called COMPENSATION? I thought bonuses were based on performance or at the very least based on a percentage of production. To call them “bonuses” borders on…no…it is stupid.
Second, with all the hoo-haa going on in the Senate you would think these executives are stealing the money right out of the Senator’s pockets. Senator Grassley and Mr. Durbin didn’t get all worked up when THEY were stealing money out of MY pocket to hand over to AIG. If you are willing to give them 170 BILLION knowing full well it will do nothing to stabilize a hopelessly bankrupt company, why get so nutty about a pitiful 165 million?
Third, and perhaps my biggest problem with all this, the American Taxpayer now owns 80% of this monstrosity thanks to the first bailout bag of money Congress passed and President Bush signed. You guys did this to prop up this company because it was “too big to fail” or some such dookie(check out JustBarely for THAT definition). When we propped this thing up do you think the employees there were supposed to just stop getting paid? Did you think the contract employees there were going to simply recognize that they were working for free? Or was it some kind of stipulation in Bailoutpalooza that all contracts with AIG were null and void? No? Then what gives you the right to take away the pay of these guys? What gives you the right to essentially demand their suicide?
Mr. Durbin, you are simply a waste of otherwise good carbon. Your comments on the floor of the US Senate today adds a bit of evidence to that fact. You said if AIG or the executives didn’t refuse their bonuses you would write legislation that would get it all back via some tax or another. Mr. Durbin, that is unconstitutional. It was unconstitutional when Senator Frist tried it during the Schiavo nightmare and it’s unconstitutional now. One would think you would know this but I guess you were too busy re-reading your _Killing Fields book.
Senator Grassley, you disappoint me. Suggesting that these men commit suicide is beyond the pale. You should apologize to your constituents, to the AIG employees you spoke about, and your colleagues (and Mr. Durbin and Kerry) in the Senate. No amount of explaining can fix this. Just apologize and shut up.
If you guys hadn’t bailed them out the first time you wouldn’t be put in this incredibly assinine position.
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