Am I the only one who is far more alarmed by the casual disregard the Obama Administration and the author has for legal contracts than AIG bonuses? Last I checked, we are still supposedly a Rule of Law country. AIG was bailed out by the Feds so they would not go into bankruptcy – so they are required to honor their contracts, including employment contracts.
Here are the things that outrage me:
1. Bailouts
2. Bad Accounting Rules – The “Mark to Market” rule has cost the American taxpayer billions, maybe trillions, and Congress hasn’t fixed it yet.
Congress, the SEC, and FASB changed the rules on stock options enough times to basically end the practice. If all of these employees held AIG stock options instead of bonus agreements, we wouldn’t be worrying about their worthless options.
3. The slander being aimed at AIG employees to divert attention from the real issues. Very few of them had anything to do with AIG’s collapse.
4. Eliot Spitzer – While running for Governor, he sued and prosecuted long-time AIG CEO Hank Greenberg and others. He succeeded in forcing Greenberg out but none of the trumped up charges have stuck. The real scandal is that a politician forced out a competent CEO and management team and had them replaced with incompetents.
5. The Headline Driven, Undisciplined, Fickle, Incompetent Administration and Congress running major American companies.
