Let them fail
After the revelation this week that AIG still plans on going forward with awarding senior executives hundreds of millions of dollars in “bonuses” and “retention pay”, I say it is time to just pull the plug on them.
WE, The People, own 80 percent of their collective asses right now, and the fact that we are now going to spend “hundreds of millions of dollars” to reward and retain the very people that caused their downfall is beyond words.
Only would the arrogance of these people so far out of touch with the rest of us insist on trying to reward themselves for the utter failure they brought down on themselves. Especially since they are using the very money we gave them to keep a company “too big to fail” from doing just that.
If it were up to me, I wouldn’t have even given them severence pay as I showed the entire lot of them the door. I don’t know of any other job that not only pays a huge friggin’ salary for the performance of a job, but pays an additional large sum just to keep them there. Are you telling me that just the salary alone, plus benefits isn’t enough to keep someone employed at your company?
AIG is telling us that they are now under contractural obligations to pay these bonuses. Those contracts were entered into just prior to receiving the money from the taxpayers.
If that is the case, then if we just fire the enter gaggle of them and that contract issue becomes moot.
We should have done that the moment we gave them the money.
What should happen if the US Taxpayer has to come in and bail a company out, all senior executives should automatically turn in their resignations or simply be let go. If we feel that we need to retain some of these people, we have the option of hiring them back at a nominal salary minus any bonuses and other perks. Basically, the company should go into a form of receivership, where the government decides whether to honor contracts, bonuses, and other such spending. Once the company is able to pay the government back all of the money that was pumped into it plus interest, then they are free to start paying bonuses again.
But in the case of AIG? I say split them off, and sell them in little pieces. Never again should we have a company that is “to big to fail” like this. Especially since they are now trying to give us “The Finger” by taking our money and giving it to those who caused this mess in the first place.