Tuesday, March 24, 2009

Why bonuses have touched a nerve

No, it's not because you and I are jealous of those who get them.

It's because the bonuses, themselves, are wrong on a fundamental level:

"The Wall Street bonus system needs overhauling because what happened at AIG is not an isolated incident. It is commonplace to pay bonuses even when there is no evidence that there is an equivalence between the bonus and the work performed. The bonus is paid to keep them from leaving.

"It amounts to extortion,
because by paying employees twice, first for work done poorly, second for cleaning up their own mess, corporate managers, employees, and directors in effect conspire to fleece the stockholders, in this case U.S. taxpayers who own 80 percent of AIG shares. Contracts arranged through a conspiracy are not valid, and we should not hesitate to set them aside.

"The bonuses paid under the terms of those contracts are much more than a pimple on the face. They are a malignant tumor." (emphasis mine)

6 comments:

KT said...

The entire AIG "scam" sooo sucks!!!!!!!!! The sad part is, the American people won't EVER get the entire truth about this situation.

I enjoyed your post!!!

Eowyn said...

"The sad part is, the American people won't EVER get the entire truth about this situation."

You said a mouthful, for sure.

But I'm thinking people might just, maybe, finally, be waking up to the fact that the banking elite has been taking them to the cleaners for FAR too long. That's why I'm so keen on the Tea Parties. (Hoping to go to one -- there's going to be one in Philly I might could attend. With sign and/or pitchfork in hand.)

Maybe it's wishful thinking. That may be -- but I gotta stand up anyway, in however small a way. It's bad enough looking at my own reflection in the mirror as it is, LOL -- but it would be worse if I had to look at a coward, if that makes sense.

KT said...

There was a small Tea Party on March 7th, I believe, the event wasn't organized well at all.

There is a second Tea Party scheduled for April 18, 2009, from 12 Noon until 2:00pm, it will be at Independence Hall.

If you plan to go, everyone is meeting at 5th and Chestnut Streets at noon time.

I also have faith that the American people are finally waking up to, not only the banking industry, but to every part of Corporate Corruption.

It is a scary time that we live in but I fear more for future generations, like our grandchildren.

<3

Eowyn said...

Thanks for the heads-up -- I had also heard there are loads of tea parties scheduled for April 15, tax day, including one in Philly, so I'll have to double-check. Sounds like it might be two different groups setting them up. No matter! The more, the merrier.

And, yes. I don't want my beautiful girls to inherit disaster, either.

Anonymous said...

If I come across any other information, I'll let you know.

<3

KT said...

Sorry, I am anonymous, I had a glitch with the MSNTV2 unit while I posted my comment.

<3