Sunday, March 15, 2009

A Modest Proposal for Dealing with AIG Execs Bonuses

Outrage can feel cleansing but ultimately it is rather useless. Right now public outrage is boiling over at the news that top AIG Execs will receive $165 million in "bonuses". Correct me if I'm wrong, but a bonus is supposed to be a reward for outstanding or at least above average performance. These guys are the same ones who helped torpedo the world's economy with their shady practices and are the same shameless crew that threw a big party at a posh resort to celebrate shortly after the first "bailout" payment. There was public outcry then but the party was already over by the time their self-indulgence had been discovered.

This time AIG's top dogs were caught before they divided the booty but are now claiming that they are obligated by contract to award these bonuses or the incompetent executives who have brought our economy to the brink of disaster might sue them! Again, remind me what a reward/bonus is. It appears these porkers get to waddle up to the trough and slop regardless of their performance. But I digress, back to my premise: outrage is ultimately useless.

Here is my modest proposal: Expose these managers to public scrutiny. Post the names of all AIG executives receiving any of the $165 million in the recent payoff on a public website and then let nature take its course.

Within a few hours the full addresses, email and a whole lot more information will be public knowledge thanks to "public outrage" in action. Following that, people will do whatever they want with that information, hopefully in an appropriate and legal manner... of course. I have a few suggestions, all legal and decent, but I'll keep them to myself for now.

So what do you propose we should do to these professional porkers?


Anonymous said...

Foster, if the government had the same rules in place that they put on the auto companies, this should have been taken care of.
Somebody should check the contracts for that little hook..."the corporation may change the requirements for this bonus..." or something like that.
These execs should be "at will" employees. They could be canned at any time...Nothing owed to them.
Now, it's possible that AIG feels that the various lawsuits would be more expensive than just paying them off...
A contract is not just a contract.
That's why there's lawyers.
Paul Sr

Anonymous said...

Outrage is useless, great angle. It seems like everytime I turn on the news whether it be local, CNN, MSNBC of FOX News, it feels like the anchor is trying to chide and poke the viewer into a fit of rage.

To be honest i'm not sure if there's anything that can be done to the big wigs at all these incompetent banks, but every person can start living with some accountability.

Granted i'm in my early 20s so alot of what i'm about to say may be way off but it seems to me that all this mess is a culmination of folks living above their means and corporate America taking advantage.

I think that if we all start to live lives we can afford, pay our debts on time, not make purchases that put us in the red and do business with the responsible banks and credit unions we'll start to see a turn around and weed out all the riff raf.

Foster Braun said...

My friend, if you at your young age can hang on to your wonderful common sense, you will look upon fools like me some day who are drowning in credit debt and upside down mortgages, and thank God you are not there. You give me hope for our future.