Monday, March 16, 2009

Failing Upwards On Our Dime

AIG just doled out $165 m in bonuses after getting $170 billion of our money in a bailout. Now, the company says these were contractual bonuses and that they have no way to rescind them. Fine. Let's assume that is the case. But this is the part that baffles me:

If a company is in such dire financial shape that it needs a huge government hand out, it indicates that its performance has been sub par at the very least, and consequently, those who bear the responsibility to achieve its goals have clearly faltered. SO WHAT THE FUCK ARE THESE BONUSES BASED ON?! Showing up? Jeez...

If there's one thing Jim Cramer mentioned in his showdown with Jon Stewart on The Daily Show last week that I agree with, is that people need to be indicted and going to jail over the greed and negligence that brought on the Wall St. meltdown. Instead, under-performing employees are getting bonuses from our money. Again.

To paraphrase Denzel Washington's character in Philadelphia, can someone explain this to me, like I'm a six-year old?

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