Good read from one of the heads of AIG that everyone is witch hunting currently.
None of us should be cheated of our payments any more than a plumber should be cheated after he has fixed the pipes but a careless electrician causes a fire that burns down the house.
The only real motivation that anyone at A.I.G.-F.P. now has is fear. Mr. Cuomo has threatened to “name and shame,” and his counterpart in Connecticut, Richard Blumenthal, has made similar threats — even though attorneys general are supposed to stand for due process, to conduct trials in courts and not the press.
Id love to cry for him not getting his big fat bonus but you know what? I could care less and less everytime i look at my tax witholdings. Maybe people can think im a dick, however what kinda bous would they have gotten if the company went under??? none. So now they still have a job and they want there bonuses. Thats laughable at best.
The guy is already working for a $1 salary, despite the fact that he had NOTHING to do with bad business. He is now working hard to re-coupe the money, he deserves some compensation for that.
They could all have just quit and got nicely paying jobs elsewhere, but decided to do the right thing and stay. Then they got stabbed in the back.
It isn’t a bonus. It is deferred pay that he took on in return for helping right the ship. Had he, and others, not done so and left to pursue the other opportunities available to them, then AIG would certainly be in worse shape, and the tax payers would have even less of a chance at seeing their money again.
Saying he doesn’t deserve to be paid is laughable at best.
Yea as stated he is working for $1. You are right that if they went under or bankrupt they would have renegotiated but we will never know if they would have gotten rid of the bonuses. I know everyone on here would feel ripped if they signed a contract to receive a bonus over time and another part of their company tanked and they were in this position.
Yea they basically just got used. Also what does this say about America they we are making contracts meaningless or just offering a public bashing for when someone “important” decides he does not like your arrangement.
Had he not agreed to work for a dollar in exchange for the deferred compensation due to the position of the company, then he would have been paid for his time. Then when the company went bankrupt, you are right, he wouldn’t have gotten anything, but he would have been paid for the time spent.
That is hardly what happened. He worked, didn’t get paid, and is now getting screwed because moronic American witch hunters can’t understand capitalism and how destroying it isn’t exactly the greatest sign for America…
I love people that can’t wrap their heads around this…
It is about everyone assuming that the people recieving bonuses/deffered pay, are the ones that caused the problem.
It is about the news mis-informing people and making them think that the bad guys are getting more money.
It is about the fact that this executive was more worried about how he was viewed by the government and the people, than he was about making sure his employees were fairly compensated for their hard work.
Just because some bad decisions were made, does not mean that everyone in the company should now be treated like slaves and be forced to work for no pay.
For the people that think it is fair, would you work for no pay under any circumstances?
Because the general population just wants someone to point a finger at and blame so that they sleep better at night feeling like they “caught” the guy that was responsible for their unemployment or loss of 401K etc etc. It is a joke.
I can’t feel too bad for him… without the bailout, he wouldn’t have the job anyway. This whole time nothing was stopping him from leaving for another job if he’s so highly qualified.
With this said, I can see his point and he’s right.
You can not say he would not have had a job. Do any of you people even understand what happens when a company like this “goes under”? If his dept was profitable I am quite sure he would have still had a job.
I know the “him” is a representation of all the people there. The way I look at it is, had the government not stepped in they very likely would have gone bankrupt. Hence no job, no salary, no bonus.
edit:
I don’t buy this either. They agreed to work for $1 salary because they had a contract to get a big bonus at the end of the year. So maybe I’m wrong, but I view salary as how much money you made in 1 year. $1 “salary” + $1,000,000 bonus = pretty good yearly salary. It wasn’t as if they said I’ll work for free and oh gee look at that, they’re paying me a bonus afterall for my hard work. They knew they were getting it. I’d take a $1 salary if I was getting a $1 mil bonus. Does it suck they’re not getting it now, yea, but that’s what happens when your company goes essentially bankrupt and needs the public to pay your bills.
