If there is one reason (besides that special interest infested monstrosity also known as Health Care Reform) that the Democrats will get their asses kicked at the polls come November I’ll give it to you in 3 letters: A.I.G.
It’s bad enough the the company is insolvent and taxpayers will never see a return of all the money we sank into that bottomless snake pit, but to actually pay more bonuses to the dumb mother fuckers that caused the implosion of both AIG and our financial system simply defies description. Up next will by Timmy Geithner hitting the airways talking contract sanctity. Marketwatch has the story:
In the midst of bonus season, the people deciding compensation policy at American International Group Inc. believe they’ve reached a deal. The majority of the controversial financial-products group at the company will take a 10% haircut on their bonuses in return for an early payout, as soon as next week. Read AIG bonus story in WSJ.
Though the plan is aimed at undercutting similar outrage during this round, it’s unlikely to do so. Pay czar Kenneth Feinberg has been aggressive everywhere else except AIG. General Motors, for instance, is facing compensation declines of 50%. Ken Lewis, the former chief executive of Bank of America Corp. forfeited his 2009 salary and bonus.
Contrast that with Robert Benmosche, AIG’s new CEO. He’s getting $3 million in cash and $4 million in AIG stock.
Yeah Mr President, change we can count on right?