Seems like Saladbar and myself missed the discussion about AIG and these bonuses and hve been having one ourselves over in another topic. So I'll take the liberty to post what both she and I have discussed in order to keep this discussion about AIG, the bailout and these bonuses in one thread :



Yes, you're 100% correct. The government was indeed incredibly stupid.


As far as the amounts of the bonuses being legaly fixed, I understand that but don't agree with it and I'll tell you why. I worked in the financial world for over 23 years. For many of those years I, along with others were given bonuses as part of our pay package. While legally the benefit of a set amount or a percantage figure may have been agreed upon between my employer and myself, my receiving the legally agreed upon bonus was based on a number of factors such as performance, merit, quarterly prfotis, etc. In other words I had to do what I was hired to do and my job performance had to be a contributing factor in the profit and success of the company.
If I did not perform for the company, produce for the company or contribute to the success of the company, there was no bonus. And if by chance (thank God it never happened) I was not fiscally responsible or did not use due dilligence in making financial decisions that could affect not only the bottom line of my company, but the satisfaction of the client / investors, not only would I be out my bonus, but I would be out on my ass!
And if the actions that I took or the financial decisions that I made were not in compliance with the laws, regualtions and guidelines of the official governing bodies that oversaw the business that I was in, I could have easily been held LEGALLY responsible! So in my opinion, this "legally binding bonus" stuff that these companies and executives are spewing out is bullshit. It's all a bunch of legal spin.

What I don't agree with here is that even though these bonuses may have been legally binding, most of those receiving these bonuses were major contributors in the downfall and decline of these companies! Many of these employees/executives of these failing companies seem to think that they are entitled to these bonuses simply because they worked for the company. How about holding those who are in a position to collect these bonuses accountable for the fall of the companies that they work for? A fall that was a direct result of their negligence and greed?

Earlier in this thread someone said that I sounded angry and bitter. Know what? Come to think of it I am angry and bitter! I am angry and bitter on behalf of the honest and hard working people of this country who are getting it right up the ass because our elected representatives in congress have chosen to just throw OUR hard earned tax money at these companies and their executives without carefully looking over what went wrong with those companies and who in those companies was responsible for their downfall. Our government IS indeed just as negligent as many of these corporations and banks that we are bailing out!