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.