America, You Asked For It!

Political News and Commentary from the Right

Bonuses? No. Retention Pay? Yes! Huh???

This is why I’m so opposed to the bailouts for the banks, auto companies, or any other industry:

St. Regis Resort

St. Regis Resort--Where AIG executives blew $400K of taxpayer money!

American International Group Inc., whose bonuses and perks drew fire from lawmakers after the insurer accepted a federal bailout, will make special retention payments that more than double the salaries of some senior managers, according to a person familiar with the matter.

View full article.

According to the article, AIG has so far taken $162 billion in assistance from the U.S. taxpayer to save it from the decisions made by these incompetent managers. But, because they know bonuses will bring heat from Congress and the public (you, me, and everyone else who is paying for their incompetence,) they’ve decided that we’re so stupid we won’t recognize bonuses if they rename them “retention pay.”

If that’s not arrogant enough for you, there’s this. CEO Edward Liddy says this retention pay is necessary to keep good employees! His words, “We have to hold on to the talented people running our businesses..” Exactly what does it take to qualify as “talented” to this guy?

Seems to me that these upper level employees should be encouraged to leave! Didn’t they play a role in the near death of the company? Where is the responsibility, the accountability in this company? Where did these idiots get their business degrees?

I guess Liddy doesn’t read the papers, and none of his “talented” employees have informed him there’s really no place to go at the moment. I mean, didn’t he hear Obama say the country has shed 2,000,000 jobs this year? Who’s going to hire these talented incompetent bozos?

The company’s retirement services chief, Jay Winthrob, will get $3 million in retention pay, compared with his annual salary of $775,000. It’s incredible how stupid these people think we are, that we’d buy this retention pay is different than bonuses.

Every time you think the auto companies might deserve a bailout, think of AIG. The reason they’re in this mess is they’re incompetent, but they don’t even realize it. The storyline will be the same for any entity tapping the struggling U.S. taxpayer’s wallet.

Call, write, or email the White House, your Senators and Representatives today and stop this madness. Contact information for these folks is available in the links on the right side of this page.

Stop the madness!

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December 9, 2008 - Posted by | Bailout, Economy | , , , , , , ,

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