Tuesday, March 17, 2009

AIG meltdown

First a little announcement from today's press, then my commentary:

Associated Press Writer Michael Virtanen wrote on 3/17/09: {Troubled insurance giant American International Group paid bonuses of $1 million or more to 73 employees, including 11 who no longer work for the company, New York Attorney General Andrew Cuomo said Tuesday. …"These payments were all made to individuals in the subsidiary whose performance led to crushing losses and the near failure of AIG," Cuomo wrote. "Thus, last week, AIG made more than 73 millionaires in the unit which lost so much money that it brought the firm to its knees, forcing a taxpayer bailout. Something is deeply wrong with this outcome." According to the attorney general's office, the top individual bonus was more than $6.4 million, and the top seven received more than $4 million each.}

Here’s my commentary: Sure we’ve bailed out AIG with tens of billions (is it hundreds now?) of dollars of taxpayer money. And we’re mad purple about bonuses awarded to the derivatives traders who jeopardized AIG and its multifarious clients. Whoop de doo da! The real question for every capitalistic American should be: how do I get in on this money train? Where do I learn to negotiate binding bonus contracts that pay me boat loads even if I grind the firm to the ground?
(For those of you that do not know me, I’m being sardanoic to the core here...but seriously if anyone knows the answer contact me)

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