Everyone seems to be up in arms about AIG paying hundreds of millions of dollars in bonus to execs when they are now taking so much bailout money. Are they using bailout money to pay these bonuses? How could they be spending money on bonuses when they should be getting the business straight?
I think the core of the problem is being missed a little bit. How does someone get a job with guaranteed bonus money even if the job they are doing is ruining the company? AIG (and others, I am sure they are not the only one doing this) is REWARDING bad job performance. Performance that would come along with walking papers in any other industry and the finance industry is encouraging it! How the "F" does that happen and everyone pretends it doesn't happen and then the entire industry falls apart and everyone looks around and says "How did that happen?".
The top people in AIG's Financial Products division received not only bonus money but consulting fees up to $1 million a month and now we (the taxpayers) are being forced to subsidize these flawed and failed business practices by pouring trillions of dollars into this industry. I am not forgetting the auto industry, different industry same failed business model, but that is another (albeit related) rant.
BTW, I read something that was eye opening. If Jesus (he is used solely for the purpose of a time frame) spent $1 million a day from the time he was born until today, the amount would be reaching $1 trillion dollars. Then I got curious and broke out my calculator. If we divided up a trillion dollars evenly every person (not family) in the US would get a check for over $3,000! Now for my family of 5 that would mean $15,000. You want stimulus? THAT is stimulating!
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