Rants for Reason

Exploring logic, skepticism, freedom, tolerance, and knowledge

AIG Bonuses

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A failing company paying out $165 million in bonuses while on the government dole is completely and utterly unacceptable behavior.  I cannot believe anyone would defend their actions or try to trivialize the amount as a small portion of the total bailout.

First, these people don’t deserve bonuses.  Had they not gotten the government money, they wouldn’t have been able to afford paying bonuses; they wouldn’t have even been able to stay in operation (supposedly).  So essentially, what they’ve done is to give themselves bonuses and pat themselves on the back for failing badly enough to get government money.  They’re getting paid for being good lobbyists rather than for being good insurers.

Second, $165 million is a lot of goddamn money.  That could pay for many schools, bridges, or infrastructure.  It could create new world leaders and doctors, a better standard of living for lots of people, help for people stricken by civil wars and AIDS in Africa.  But no, it went to line the pockets of already rich executives whose greed caused the entire world economy to fail.  How are they deserving of this?  How are they deserving of even one goddamn penny?

I agree with the bailout in principle.  The effects of huge companies failing could lead us down a very dark road.  But these people have to realize that bailout money is to save the company, not to continue their lavish excess and greed.  I think Congress needs to go further than their recent tax legislation taxing the bonuses 90% and criminalize this behavior.  It is completely counter to the whole reason we’re giving them any money, and it amounts to sabotaging the economy as a whole, if we’re to believe their company is as important as they say.  Throw the greedy assholes in prison or bring back the stocks — I can think of several million unemployed people who would love to stimulate some banking executives’ faces with some rotten tomatoes.

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Written by nelsonlu

March 20, 2009 at 8:03 am

Posted in Uncategorized

Tagged with , , ,

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