AIG was too big to fail, so Bush and company bailed them out. Then, it wasn’t working, so the new guys bailed them out again. The company is hemorrhaging money faster than my son with his new girlfriend.
So AIG now wants to give their people bonuses for working hard (debatable). Tim Geither, our resident tax-cheat in charge, ran to them and asked that they not pay those hideous bonuses because, well, it would not be a nice thing to do.
Didn’t Obama already say they he was capping salary and bonuses for executives? Oh yes. The freeze does not count for current bailoutees, but only for future companies getting a bailout. I guess Obama and his team foresee many more industries needing Uncle Nanny’s help.
I am not in favor of the failing execs getting big money. I am in favor of letting them fail. However, their CEO has a good argument. If we cap salaries, if we limit bonuses, those bright minds are going to go elsewhere. What to do then?
Maybe that is how we will get the middle class working again. With no executives worth a crap remaining, we can get some of those poor homeless guys a job. Paging Billy Ray Valentine!
The revolution is at hand. Will you be a leader or a follower?