Say No to Bonuses

by Joshua on March 19, 2009 ยท 4 comments

AIG paid more than 20 times the average US yearly income to executives in bonuses.

We own a substantial amount of companies that were on the brink of going under not to long ago. Now they are trying to defend what they call “retaining” bonuses: extra money to keep on executives. These are not the average “good-job, here’s a grand” bonuses that most professionals might be accustom. These are more than $1,000,000 bonuses. That is 20 times the average yearly income in the US – in a yearly bonus! 52 people who received these payouts are no longer with the company.

As far as I am concerned, a bonus is given for going above and beyond – hence the name “bonus.” AIG Chief Executive Edward Libby defended these “compensations.” However, he mentioned that he has “seen evidence of its [capitalism’s] bad side.” Yet, here he is condoning the payout of awards for the same bad behavior. He did ask that they pay back half of their bonuses, though… [read sarcasm]

These greedy millionaires are already worth more than the average person will make in their entire life. Now ask yourself, how is it fair to give them more money? Is it fair to give them you tax money? We are now all part owners of AIG, with our $30 billion bailout. We need to say no to bonuses! We should not reward bad behavior.

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Joshua March 21, 2009 at 18:31

Update on the bonuses: Now AIG is claiming that the IRS owes them $306 million in overpaid taxes. Let’s just be clear here: we (taxpayers, government) own 79.9% of this company and they are suing the IRS (government) for money ON TOP of the $170 billion (with a B) that we have given them in bailout money.

AIG says they are suing for overpaid taxes for the benefit of it’s stockholders. Pardon me if I am wrong here, but isn’t the government the biggest stockholder? Paying from one hand to feed the other is only going to make lawyers richer and the people poorer.

I knew there was something true in the saying that the only thing left on the earth in the end will be Twinkies, cockroaches, and lawyers.

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Joshua November 18, 2009 at 08:30

Here’s some good news: http://bit.ly/QWYaS

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