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A good article from the other day. Gives a different perspective on the situationThere is a group on Facebook called End AIG. I suppose people are so outraged over the bonuses that they just want to see the company die. People are just so preoccupied with their tax dollars going to these bailouts and bonuses, that they just stopped using their
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*puts lighter away*
That was an interesting article that deos shed light on the other side of the subject. A lot of people were hurt by this mess, and it's hard to distinguish just who the few were that caused it, and forget that there were people in the industry that didn't do anything worng. It's a common reaction. Person A screwed me over, so everyone like him must be exactly the same. Big corporations have made several bad moves that everyone just now associates them as evil.
I agree with the concept of bonuses. If your company does well and advances, and you helped in acheiving that, then by all means you should be rewarded. It encourages hard work and discourages phoning it in. But the thing about the AIG situation that has never been expalined, is what these bonuses are for. Now, in this article, this guy was in a totally different department. If he had reached his goals, then he should be entitled to the bonuses. But how many bonuses are being paid out to people in (whichever)department that did cause this mess. Obviously, they screwed up and shouldn't get rewarded for it. That's what I want to know: who's getting bonuses and for what?
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It seems that most of the people who were due for the bonuses were people who were trying to 'dismantle' the mess and fix things and this is what they were to be rewarded for. Now i'm sure some were guilty of screwing it up in the first place and some were not, but i'm not sure how to differentiate between them.
Another thing to note is that the fed admitted to knowing about the bonuses months before they were to be paid, but they never did anything to stop them from going through.
oh yeah and the whole time AIG was making these 'bad investments' there were regulators watching over everything, never saying a word. so people really can't fully blame AIG for this stuff, Lehman Brothers and Bear Stearns made the same mistakes, they just didnt get a bailout.
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Up here in Canada teh banks have been complaining about all teh regulations they have to "suffer", and it ended up saving them from the worst of this crisis.
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