It's absolutely ridiculous that they're able to get these bonuses when they ran the company into the ground.
That said, the bonuses are to be paid as part as part of their contracts that were agreed upon well before AIG got bailout money.
Do I think it's insane that the company was giving out contractual bonuses that were NOT dependent upon the actual performance of the executives? Absolutely, but that's water under the bridge at this point.
If the language of their contracts says they get paid bonuses no matter what happens to the company then AIG has every right to pay out these bonuses. Actually it's more than that, they have a LEGAL OBLIGATION to pay out the bonuses.
I'm pissed that my taxes are going to pay out bonuses to these clowns but contract law is one of the things that's the basis of a civilized society. The last thing I want is for the government to be able to come in and retroactively & arbitrarily nullify and/or amend mutually agreed upon contracts between two private parties.
Give the government the power to do that and you go down a road with freedom nowhere in sight.
"We provided mortgage bailouts to those that made reckless decisions, then turned around and provided them with "stimulus checks"
Yup. Unfortunately both Bush & Obama seemed to think it was a good idea to reward bad behavior. Hell, look at the whole situation we're in. Caused by people spending money they didn't have. The "solution?" The government throwing around money it doesn't have.
Let's also remember that this is the same Congress that has been running the country into the ground and then voting themselves pay raises at just about every opportunity.
My thoughts?
ReplyDeleteIt's absolutely ridiculous that they're able to get these bonuses when they ran the company into the ground.
That said, the bonuses are to be paid as part as part of their contracts that were agreed upon well before AIG got bailout money.
Do I think it's insane that the company was giving out contractual bonuses that were NOT dependent upon the actual performance of the executives? Absolutely, but that's water under the bridge at this point.
If the language of their contracts says they get paid bonuses no matter what happens to the company then AIG has every right to pay out these bonuses. Actually it's more than that, they have a LEGAL OBLIGATION to pay out the bonuses.
I'm pissed that my taxes are going to pay out bonuses to these clowns but contract law is one of the things that's the basis of a civilized society. The last thing I want is for the government to be able to come in and retroactively & arbitrarily nullify and/or amend mutually agreed upon contracts between two private parties.
Give the government the power to do that and you go down a road with freedom nowhere in sight.
Gee, I just boogle at the irony of people getting upset over bonuses for companies like AIG.
ReplyDeleteWe provided mortgage bailouts to those that made reckless decisions, then turned around and provided them with "stimulus checks".
How does that work again? Isn't that the same thing people are complaining about with AIG?
"We provided mortgage bailouts to those that made reckless decisions, then turned around and provided them with "stimulus checks"
ReplyDeleteYup. Unfortunately both Bush & Obama seemed to think it was a good idea to reward bad behavior. Hell, look at the whole situation we're in. Caused by people spending money they didn't have. The "solution?" The government throwing around money it doesn't have.
Insanity folks, pure insanity.
Apparently it was stupid of me to pay off my house when I had the chance.
ReplyDeleteI should have blown my money of frivolities and waited until I lost my job. Then went crying to the Gov't to pay my bills for me.
Hmm, Third, That teaches people dependence rather than personal responsibility.
ReplyDeleteOf course that's precisely what big-government nanny-staters want isn't it?
(notice I didn't say "liberals" since they no longer have a monopoly on nanny-statism)
I agree with Mike Malloy. Public execution.
ReplyDeleteLet's also remember that this is the same Congress that has been running the country into the ground and then voting themselves pay raises at just about every opportunity.
ReplyDelete