Distraction, to some, has always been considered the fourth D in the insurance strategy to maximize profits at the expense of policyholders – delay, deny, deceive – and distract.
I guess I’m just in the minority here, but I’m having a bit of trouble getting exercised about $165 million (just to put that into perspective, the movie sequel The Chronicles of Narnia: Prince Caspian had a budget of $200 million) in bonuses to AIG employees…
It’s curious, but not particularly surprising by now, the stuff that folks in Congress get selectively pissed off about, the stuff that media (both mainstream and blogosphere) go selectively wall-to-wall over, versus the stuff they don’t.
You’ll pardon me if I’m not particularly moved much at all by the latest round of AIG sturm-und-drang, hand-wringing, navel-gazing, finger-pointing and speechifying. Oh, and about the still-free bin Laden, and the still-free anthrax killer…well, don’t get me started. Guess those things don’t much matter.
The Brad Blog has a point. Senator Dodd has another.
According to Dodd, officials at Treasury expressed concern that if the government were to prohibit payouts, it risked being sued by companies like AIG, which had contracts stipulating that bonuses were to be paid.
At the urging of Treasury officials, Dodd modified a clause he had previously inserted into the stimulus that prohibited bonuses from being issued by bailed-out companies. An exemption was added to allow bonuses that applied to in-place contracts.
Slabbed adds a third. Treasury is clearly out of touch with the millions of Americans whose idea of a bonus is super-size fries!
The graph at the right shows the percentage of children living in families where no parent has full-time, year-round employment – starting from left to right Connecticut, New York, the US average, and continuing with the Katrina states: Alabama, Louisiana and Mississippi.
WTF came up with a concern about “companies like AIG” suing the government? You can bet your bonus it wasn’t anyone who lost everything when the Corps-built levees didn’t hold or someone screwed by AIG’s handling of their NFIP claim. Continue reading “Making ends meet – super-size fries and AIG bonuses”