Wednesday, March 18, 2009

So I am sure you are following the AIG bonus hearings....

Well I am sure everyone has heard of the ridiculous $165 million in bonuses AIG paid out last weekend to the very traders that caused the downfall of the company as well as alot of the financial market trouble. I am also sure most of you have been following today's Congressional hearing where AIG CEO Edward Liddy sat in front of Congress to answer for the bonuses. The US Government and the US taxpayers have given Liddy and AIG $170 billion in bailout money to keep the company afloat.

Many Congressmen and President Barack Obama have gone on record recently denouncing the bonuses and different ways to get the bonus money back are being floated around Congress as we speak.

A statement from the hearing that caused me alot of grief was when Liddy had the audacity to say "We at AIG want to believe that we are all in this together." Well sir, personally I choose to not be with you anymore as long as you decide to reward incompetence with mega-bonuses. I do respect the fact that Liddy is only drawing $1 a year in salary, but I also recognize the fact that this man has made millions over the last few years.

Thank goodness for Barney Frank. I like this guy. I don't like all of his policy, but I like the guy. It is "time for us to assert our ownership rights," said Rep. Barney Frank, chairman of the full Financial Services committee. Frank said Congress will be asking for the names of the bonus recipients, and if AIG declines to provide it, he will convene the committee to subpoena for the names. "We do intend to use our power to get the names," he said.

The White House for the first time on Tuesday night said Geithner learned of the impending bonus payments a week ago Tuesday; he told the White House about them last Thursday, and senior aides informed President Barack Obama later that day. Geithner said on Tuesday he was working with the Justice Department to find ways to recover some of the payments. He cited a provision in the recent economic stimulus law that gave him authority to review compensation to the most highly paid employees of companies that already have received federal assistance.

Hopefully, we can recover these ridiculous bonuses. Otherwise, I am going to go give the absolute worst performance I can at my job and then demand a monster raise!

No comments: