Don’t get us wrong, we can’t stand AIG, Citi, GM or any of this country’s new “bailout babies …”
After all, a self-respecting company would have taken capitalism’s judgment standing up, not begging the taxpayers to pick up the tab for their fiscal mismanagement and inability to compete.
Yet as much as we find these companies and the yacht-hopping WASP goobers who populate their ranks morally indefensible on so many levels, there’s something about the way they’re now asking the federal government when they can take a piss break that strikes us as even worse.
From The New York Times:
Seeking to avoid the public furor that erupted last spring, the American International Group has been quietly seeking approval from the new federal compensation czar to pay a total of $2.4 million dollars in bonuses to dozens of its senior executives.
Officials at the embattled insurance company, which has received more than $170 billion in taxpayer money, have sought meetings with Kenneth Feinberg, the pay czar, to review the payments for 40 of its highest ranking employees, according to individuals briefed on the matter.
Mr. Feinberg has been tasked with approving the pay for the 100 highest paid employees, but he also can also weigh in on other matters if a company requests.
A.I.G. executives want to make sure that Mr. Feinberg is comfortable with the company’s compensation program and hoped to work with him to address any shortfalls, according to a person briefed on the situation.
Technically, AIG doesn’t need the “pay czar’s” permission before they dole out this latest round of exorbitant, undeserved and wholly unjustified bonuses … and “technically” Barack Obama didn’t fire the president of GM, either.
But that’s just the thing – we’re obviously dealing with “implicit powers” here that extend far beyond the radical, unprecedented government interventionism you see on the surface of Bear Stearns, Fannie Mae, Freddie Mac, AIG, Citi, Bank of America, GM, Chrysler, and the list goes on and on …
Government shouldn’t be picking winners and losers in the marketplace, people. But since it’s decided to do that, it shouldn’t try to micromanage the “winners” it picks.
Just get our money back, and then get the hell out of the way …
By sartre July 10, 2009 at 1:46 am
Get our money back? you clown. Do you realize we will NEVER EVER EVER get our investment in AIG back? AIG is worth 0. For all practical purposes the tax payers own this company. So yes, we get to decide what compensation they get.
By matt July 10, 2009 at 7:11 am
I am normally strongly opposed to gov’t marketplace interference. But, where a company is “bailed out” by the taxpayers, not only should pay limits be possible, they should be mandatory. Begger’s can’t be choosers –
you don’t want the executive branch interfering with your compensation tables? Then don’t come asking Uncle Sam to save your sorry ass. I’ll be damned if the executives are going to live the high life on my dime.
By HIPAA Violator July 10, 2009 at 8:05 am
Where can I get one of those action figures? Super bad ass!
By Toyota Kawaski July 10, 2009 at 8:29 am
These people get a bouns more often then Sick Willy uses a glory hole
By Pat Hendrix July 10, 2009 at 9:25 am
AIG should have been allowed to die. Unfortunately, the Bush and Obama adminstrations have used it to funnel money to the company’s creditors, namely BOA, Bear Sterns and Goldman Sachs. It’s really a shell at this point. But glad to see they are taking advantage of the opportunity to get paid one last time before the curtain falls.
By dirtbogger July 10, 2009 at 2:11 pm
The printing press must be shut down. All of the bail out money was borrowed from the privitly owned Federal Reserve. we are taxed at intrest to pay the Federal Reserve back but our taxes only tuch the intrest of past dept therefore indepting the intire nation to an elete few forever. When all of this extra money is printed it makes the cost of living go up and runs the value of the savings of the working class down making it harder on retiries, by dilutueing the econamy.