This letter is in regards to AIG and the apparent lack of concern for their company and the taxpayers who work hard, only in turn, to have their money wasted.
As we all know, AIG received more than $170 billion in taxpayer bailout monies from the government. Out of this money, $165 billion was paid out in bonuses to executives in the same unit that brought the company so close to destruction last year. The government “attempted” to step in and stop the bonuses but AIG has defended the bonuses saying that they were promised before the crisis and cannot be legally canceled.
This is an outrage and a blatant attack on the government and the taxpayers of the United States. This is just another piece of evidence that this “Economic Bailout Bill” was rushed and lazily put together. Why were there no clauses included that stated how the money was to be spent? If a company applies for a grant for instance, they are to include their budget, as well as, a document that discloses how the monies will be spent. If the monies are found to have been spent otherwise, an investigation ensues and the matter is promptly resolved. The United States Government owns 80 percent of AIG Edward Liddy, who is a government-assigned chairman for the company, said at least some bonuses were needed to keep the most skilled executives.
This I can understand, rewarding those who are skilled and adequate at their jobs. What I don’t understand is why the ones who, and this is rumor and not to be taken as fact, purposefully put their companies into limbo are rewarded for their outrageous behavior and detrimental decisions that has put AIG in the situation they are in now. As a taxpayer, I find this ludicrous to say the least.
Some 400 employees are covered under the bonus plan. These will range from $1,000 to as much as $6.5 million! Seven executives at the financial products unit were entitled to more than $3 million in bonuses. Sure, the job of an executive is stressful and can mentally exhaust a person, but a three million dollar bonus? I would be happy, even thrilled, to receive a raise at work, let alone enough money for me to work miracles with!
Although, this will probably not be resolved, I think it is criminal for these companies to take money from the average, hard-working American and use it for such monstrosities! If anything, this money (and most intelligent people will agree) should have been used to keep the company afloat (as it was originally intended). Maybe, AIG will change their tune when angry Americans begin to boycott their company. Then again, all they have to do is ask and it is granted.
If people were to boycott this company, they may ask for more tax monies for bullet-proof vests for their “executives” to wear to work. The thought is comical but in all seriousness, it goes to prove that America, and more so the government, is monopolized by the big business.
I suppose, unless of course you are a high-ranking employee of a Fortune 500 company, you have to work for what little you receive in exchange for those services. If you are an executive, especially for AIG, all you have to do is miscalculate a few numbers, find a few loopholes and wreck your companies stock.
Nobody is indispensable. This is true from the highest paid employees all the way down to those who receive minimum wage. There will always be someone who can come along and replace you and do a much better job than you could think about doing. Maybe those in charge of these monopolies have never heard this statement? Maybe their parents didn’t stress work ethic to them growing up?
We don’t know, but what I do know is that this is a slap in the face to anyone and everyone who sighs when they look at their paycheck to discover how much the government has taken out of their hard-earned money.