The garbage at AIG are at it again, this time handing out obscene bonuses to their best and brightest. Yes, you heard it right. The same company that lost $62 billion in the last quarter and are currently in hock to America for $170 billion is actually claiming that they have somebody bright working at that failed company.
Chairman and CEO Edward Liddy claims that he’ll scale back the bonuses some, but he really can’t cut them out all together, because the recipients might get upset! That’s right, he’s afraid some pocket-liner will pitch-a-fit, sue, and quit the company. Liddy had no problem at all taking the bailout money, even among the howls of protest from American citizens. This must be different though. These are fellow crooks.
Liddy outlined a plan to cut pay and reduce bonuses, as well as non-cash compensation. Now what would that non-cash compensation be? God only knows with this crowd. It must be significant though if these guys are willing to not only give up their salary, but stick around and flush what reputation they have down toilet working for AIG. We’ll never know, most likely. The only reason they came clean on the bonuses is because they got caught. Apparently, this party was too much for even Timmy the tax cheat, and AIG had to roll out the PR machine before somebody who gave a shit found out about it.
Still think the bailout was a good idea? Still think AIG is too big to fail?. I don’t. I think they’re replaceable. I think there are plenty of honest, hard working Americans that could have picked up the gauntlet and ran with it. We’ll never know now.