Perspective Shift
WTH?!?
So what is the problem with the AIG bonuses that has people rioting, legal officials calling for names of private citizens who received contractual pay—whatever it’s called?!? The dang POTUS calling for “all legal means” to be used to grab the money—given with NO conditions or strings—away from paid employees?!? Not a company—it’s employees.
[Aside: $180 billion for an 80% stake and no strings, no conditions on the original contract?!? Srsly? Was there even an original contract?!? Didn’t anyone ever tell AIG “Don’t take cash from strange men?” With another $13 billion to come?!???]
Who’s safe in this kind of mob mentality? Are the denouncers coming after California next? California municipalities received $1.02 billion of the $85 billion, Goldman Sachs ... $12.9 billion[;] Merrill Lynch received $6.8 billion[;] and Bank of America received $5.2 billion. Chicago-based hedge fund Citadel got $200 mil. of AIG’s bailout bucks.
I think not.
Will The Denouncers next go after the Euro banks? [Among European banks, SocGen was the biggest recipient at $11.9 billion, Deutsche got $11.8 billion and Barclays was paid $8.5 billion.]
Hardly likely.
Or are they just going to go after private American citizens whose piece of that oh- so- limited- pie amounts to one tenth of one percent of the whole? [Does that figure ring any bells? To destroy entire industries quibbling over one tenth of one percent of something? *cough*C02*cough*]
Srsly. How Presidential is it to rally the crowds into a mob of wealth envy to the point where they attack a bank building?!?? All over paying some cube-monkeys executives —some American citizen executives contractually committed “bonuses?”
Edward M. Liddy, Chairman and Chief Executive
...Honoring contractual commitments is at the heart of what we do in the insurance business. I cannot have our clients lose faith in our desire and ability to do just that. ...
I would not be doing my job if I did not directly advise you of my grave concern about the long-term consequences of the actions we are taking today. On the one hand, all of us at AIG recognize the environment in which we operate and the remonstrations of our President for a more restrained system of compensation for executives. On the other hand, we cannot attract and retain the best and brightest talent to lead and staff the AIG businesses – which are now being operated principally on behalf of the American taxpayers – if employees believe that their compensation is subject to continued and arbitrary adjustment by the U.S. Treasury.
Arbitrary Adjustment by the Federal Gubbmint. That’s gonna be the watch word of this decade—if We the People don’t stop them.
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