I know I am due
Mar 25th, 2009 by jared
I know I am over due on a blog post, sorry everyone. I just wanted to talk about something real quick that really pisses me off. Imagine for just a second as a entrepreneur your business was failing because of bad decisions you made. You are about to get bankrupt but at the last minute your mom, dad, brother, uncle and grandpa come in and hand you a million dollars to keep the business alive. As investors they get access to your financial. You report your numbers two months after they give you money and there is a new line item on your P&L statement called “Executive Bonus”. In this column shows a $100,00 bonus paid to you. You have a family function that night and you roll up in a brand new BMW. Think for one second how upset your family would be.
You would have to be a complete narcissist to conscientiously accept that money, hand yourself over a 10% bonus, and then have the audacity to show up in a new car.
Well folks this is exactly what happened with AIG and you are the family who bailed out your relative. Like a cold hearted killer, they callously took the money with no regard to your feelings or thoughts.
Granted I am few days late on this post (recently a lot of the major execs gave back $50 million) but
a.) Would they have done this if we didn’t call them out on it?
b.) Who are the jerks who have not returned anything?
I am sorry but you do not get a reward in life when you fail. This turns Darwin’s survival of the fittest upside down huh?
Would you change your opinion if you knew that many of those bonuses were paid to employees that were working with no salary?
Well they need to eat, but eating and buying a jet are two different things. I bet there are some ethical people at the company who kept a fair salary but are giving back what they know is wrong. Hey it would be very hard to turn back in any money, but its the right thing to do.
Well… I hear you on being upset about this, however the majority of these bonuses were signed on as Retention Bonuses for financial employees on AIG’s financial management business. Although they did not perform above and beyond expectations - these were in their contracts. So if AIG didn’t pay them, they would get sued, and they would loose these employees to competitors. Both of which mean the US Government is at a loss if that bailout money isn’t paid back.
Also - these bonuses were included into law by the exact people that are upset about them now. The Congress and Obama administration wrote a clause saying any bonuses contractually obligated before FEB of 2009 were excluded.
It’s a media show… that’s my thoughts. Don’t know if this comment will stay on this blog long enough to create some controversy but thought I’d clarify ~
these are awl poltitics man
Ya but it’s costing you and I money.
In today’s economy of bailouts it’s shocking some people don’t think twice about pulling this stuff.