Democrats are claiming that there's not much they can do about the AIG bonuses, which are tantamount to theft. Bullshit. They need to try harder, and Ch. 7 is an option with the appointment of a trustee.
In every other circumstance, employees are the last people to be taken care of by a bankrupt corporation. Usually, that's unjust. In this case, though, the very same people who are still profiting wildly are the people who made and managed the stupid investments that brough AIG to bankruptcy and bailout. Instead of ruin and a return to the middle class of people who have to work, they're still somehow entitled to $165 million.
By the way, if you were still dense enough to think that executive compensation is about results, these bonuses and all the bonuses that Wall Street is still milking out of illiquid companies prove once and for all that that is bullshit. Executive compensation plans are a huge case of mutual masturbation with no connection to real performance. The mess is all over us, and that pisses me off.
Monday Message Board
3 days ago
