AIG & Bonuses – Some Perspective
Our politicians and press are getting into a frothy rage over the AIG bonuses. I agree that accepting such bonuses (I’m pretty sure that they’re required by contractual agreement) points out that the execs who accept them just don’t get it – that what we need is to stop saying “yes” just because we can (as I’ve preached before at St. Paul’s).
But let’s get some perspective here. The bonuses amount to 1/1000 of the bailout money AIG received – yep that’s one one-thousandth. In the big picture the bonuses amount to crumbs.
And all this Righteous Outrage? Like the bonuses surprised the Administration? Bull – they knew about it months ago. Click here for news on that.
More interesting to me: how do the bonuses compare to the cost of the pay increases that Congress continues to accept? (click here for news on this)
Anyone walking the walk up there? Or is this just more of the same old hypocritical “repentance is for someone else” finger-pointing buck passing behavior that got us where we are?