Wait a minute! I learned today that AIG (American International Group), the same company that took more than $170 billion in taxpayer bailout money… my money; your money through our Federal Reserve System, now plans to give executive bonuses to the tune of $165 million. The same people that took AIG to the brink of collapse are rewarding themselves for their unimaginable mismanagement.
Tim Geithner, the Treasury Secretary pretended to be outraged on the Sunday morning talk show this weekend. He said he was foot-stomping mad and demanded that AIG not give the money. Unfortunately, he sighs forlornly, these bastards are going to get their money because lawyers said that AIG is contractually obligated to pay it.
Oh really? Contractually obligated, ey? Tell that to the auto worker in Detroit. Tell that to the retirees or those close to retirement, who paid into pension plans their entire work life, and had them guaranteed in their contracts, but will not receive them because the company claimed it could no longer afford it, and the courts backed them up.
What makes a contract between millionaires sacrosanct while contracts between corporations and their employees can be ripped into little pieces?
A while back I heard a pundit say that this was a war between the people who showered before work and those who showered after. It is the absolute truth. And our “liberal” new administration has taken its stand with those who shower before work. Geithner can act and shout as loudly as he wants on television. However, unless the government does something about it, it’s hollow blather. AIG bigwigs should be worried about joining Bernie Madoff, rather than collecting their bonuses.
Crossposted at: Big Noise