The AIG fiasco has angered everyone. Dems and Repubs have come together, reaching across the aisle, to legislate something in honor of the AIG executives. Yes, like everyone else, I was pissed. How could these execs steal from the American tax-payer in this time of trouble? Was it immoral? Yes.
Before we address the rest of the AIG situation, let’s looks at a different perspective. When Obama and his team were doling out the $840 billion, did they not think someone somewhere would skim off the top? Of course they knew it would happen. About $167m was assigned to the AIG execs, that comes to about .0019% of the total bailout. Could the government possibly be blowing this whole situation out of proportion to keep the spotlight off themselves? I am not saying the AIG executives were being ethical, but is this really something we need to jump straight into legislation? As I said we were all mad, but we cannot legislate due to our emotions.
The contracts for the exec bonuses were made one year ago. Bernanke knew of the contracts as well. This issue should have been dealt with one year ago, but procrastination seems to be the American way. This emotional decision making needs to stop. Ask any successful company president, CEO, etc if they use emotion to direct their companies. America needs to be run as if it were a company. A profit seeking company not a bureaucracy.
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