AP just posted the following report that AIG, which received $170 billion in bailouts is contractually obligated to pay $165 million in bonuses to employees, and there's nothing the US government can do about it... other than whine.
My humble opinion is taxpayer funds, since they have already been awarded, should be earmarked for 'cost of business.' Any prior contractual obligations AIG has with employees should come out of their operating capital... and if they can't pay, they go belly up, and the funds loaned by the government revert to the government. That sounds fair... sorry AIG employees, there's 4 million Americans out of work right now... guess you can choose to keep your jobs and tighten your belts or join them in the unemployment line.
Link here: http://news.yahoo.com/s/ap/20090315/ap_on_bi_ge/aig_bonuses
My humble opinion is taxpayer funds, since they have already been awarded, should be earmarked for 'cost of business.' Any prior contractual obligations AIG has with employees should come out of their operating capital... and if they can't pay, they go belly up, and the funds loaned by the government revert to the government. That sounds fair... sorry AIG employees, there's 4 million Americans out of work right now... guess you can choose to keep your jobs and tighten your belts or join them in the unemployment line.
Link here: http://news.yahoo.com/s/ap/20090315/ap_on_bi_ge/aig_bonuses
March 15, 2009 6:26 PM
The rules have changed
Time to rewrite the rules and let nationalization of the financial system begin. The "free market" has failed and has taken our saving and retirement funds with it. The result of their failure is our pain.