Wednesday, March 18, 2009

AIG CEO: Give Them Half

I use to know a little kid who realized bargaining from a position of power had its advantages. She would start by asking for four scoops of ice cream--a totally unacceptable proposition--while knowing she would settle for just two. It worked. Is that what the CEO of AIG is trying to pull with Congress?

Edward Liddy testified before Congress and said he has encouraged those who received over $100,000 bonuses to return half of the windfall to the company. Robert Scheer sheds more light on the executive who also led AIG on a $440,000 company excursion last year.

AIG believes American are up in arms because they believe the failed executives received too much money, but deserved a little something for running the company and the U.S. Treasury into the ground. Just when you thought the AIG debacle could get worse, the captains of American finance, with their heads in piles of $100 bills find a new low.

The New York Times article insinuates Liddy's offer is being looked at favorably by Congress, wait until tomorrow when their constituents flood their phone systems and email servers with a constant litany of anger for this new middle way.

Americans do not trust Congress as far as they can collectively throw them to handle each of these bailouts. Recouping half of something when none was deserved is not acceptable. Over 400 shameful employees of AIG split $165 million in bonuses after accepted nearly $150 billion in taxpayer supported bailout money. We see at it as it is: the rich getting richer by making us poorer. This time, though, we're wise to them.

1 comment:

Pro said...

Breaking News: Dodd Says loophole that protects AIG Bonuses added per request of the Obama administration. The video is about a fifth of the way down.

Obama should take full and direct responsibility for this mess.