Outrage Misplaced Over AIG Bonus Pay
Posted by jemartynowski on March 17, 2009
“Those jerks! They ran the company into the ground, took taxpayer money, and now they’re paying out large bonuses to themselves!” We’re hearing this all over from both sides of the aisle in Washington. President Obama and others are coming down on this company for paying bonus money to people who actually did hit their contractual goals. Sure, this is a mistake, but one that was made a long time ago, when these contracts were signed. The bigger mistake was made by the United States Government.
The people in power are doing a great job getting the American public all fired up over this, and they should be. The problem here is that they are misplacing their anger. The government of the United States, with full support from our president, approved of handing this company money knowing full well that these bonuses are on the books, payable because these people hit their goals. This is one of the thousands of things the government should have looked at before they passed any bailout plan for anyone. Sure, I don’t think we should have passed any handouts of our children’s money to companies, because it results in just what we have coming: government control over them. But the point is the misplaced anger.
President Obama, Democrats, and Republicans are blasting the company now because of these bonus payments. Really, though, are they just mad at themselves for being suckered into paying for something they didn’t do enough research to know about? What’s the difference between these contracts and the contracts the company had with crappy homeowners? Legally, nothing. The government just wants to pick and choose who gets what, which is the basis of this screw-up to begin with.
So, yes, be mad. Just make sure we know where to direct our anger: the stupid people who are too dumb to read contracts before throwing money around (the same people who want to decide what treatments we get medically. Woohoo).
This entry was posted on March 17, 2009 at 8:41 pm and is filed under bailouts, Capitalism and Politics. Tagged: AIG, Bailout, Barack Obama, Capitalism, Congress, Socialism, stimulus. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.