ML/NJ
(I wish she'd asked if the 'gentle lady' knew how many of the AIG recipients were allowed to vote their own bonus or simply announce to their boss what the next pay raise would be!)
You are correct in that payment is legal according to contract law.
However, it is possible to make their acceptance of the bonus so uncomfortable that they decide to let it go.
When a company is in danger of going under, it is common for the officers of that company and the top management to work for wages that will pay their bills and no more. It is common for wealthy management to work for $1.00 a year.
I have personally been in that position.
“The only problem is that there is nothing wrong with paying the bonuses.”
Please explain. The doors would be shut and no one at the company would be receiving a pay check at all if not for the taxpayers bailing them out. Why on earth is any one at that company due a taxpayer funded “bonus”??? A company who’s greed has cost us all billions.
“The only problem is that there is nothing wrong with paying the bonuses.”
I was pondering the outrage today and asking myself ...”if the money doesn’t go to the executives - who will it go to?” What exactly IS AIG doing with all their dinero?
So - these executives get alot of dough - take it home and stimulate the local economy. They pay taxes on it. They pay their maid - pay their nanny. They buy nice stuff.
As far as I can tell the “other” money - the other chunk of billions seems to continue to get flushed down some mysterious black hole.
I figure the money is better spent just giving it to the “greedy” executives.
Agreed. If such bonuses are common practice in this industry, then AIG cannot be expected to remain a viable and competitive firm going forward without them. We just can’t have it both ways. The idiots should not have bailed them out if they didn’t want them to remain a viable private firm.