I love the argument that these bonuses were promised "by contract" --
what about the fact that the company had to be rescued by the US
government? I, personally, would have reduced all salaries at all
institutions taking the money, either directly or as payment of
contracts, to US GS rates as a condition of bailing them out. No
profits to anyone, no bonuses, not dividends, nothing until all
moneys repaid at interest, either.
Peter
On Mar 17, 2009, at 7:17 PM, Wonko the Sane wrote:
And you'd say that getting into these derivatives was not bad
management? My
understanding is that a bonus is paid on performance -- how much
money you
end up making the company, not how much you sell. If the end result
of your
actions is that you bring down the company and perhaps the world
economy to
boot, should that be rewarded?
For better or for worse, some folks are walking away with millions in
"retention pay" (and more than a few took the "retention pay" and then
left). The end result will be that -- hopefully -- IF there is more
of my
tax money (and yours) pumped into these too-big-to-fail companies,
then
there are strings attached. Personally, I hope we tax the hell out
of those
bonuses. If you get a bonus with corporate money, then that is
fine. If you
are getting a bonus with MY money, then I, as a taxpayer and by
extension
one of the largest owners of the company, then I want it back.
More than outrage that these losers are walking away with millions
is the
outrage that these losers are walking away with millions from the
public
coffers, money intended to prop up the company (and not the
individual bank
accounts of its employees).
Next time, any government money comes with a whole lot of strings
and up
front agreements.
On Tue, Mar 17, 2009 at 4:29 PM, Tom Hargrave <tharg...@hiwaay.net>
wrote:
I can see one business going under & being accused of bad
management - take
Enron for example. But they were one company in their industry and
it was
very clear that they "cooked the books". Everyone else in the same
industry
waded through the Enron crises without a problem.
AIG and the others are an entirely different situation.
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