Give The Bonuses Back --Or Else
I have a new piece up on The Daily Beast today on the AIG bonuses.
posted by Matt at 5:14 AM
3/17/09
About Me
- Name: Matt
Matt Miller is the author of The Tyranny of Dead Ideas: Letting Go Of The Old Ways Of Thinking To Unleash A New Prosperity, published by Times Books in January 2009. He is a contributing editor at Fortune and host of public radio's popular week in review program, "Left, Right & Center." Matt is also a senior fellow at the Center for American Progress, and served as an aide in the Clinton White House. His first book, The Two Percent Solution, was a Los Angeles Time bestseller. He lives with his family in Los Angeles.
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3 Comments:
It is incredibly naive to suggest or believe that if President Obama just says 'pretty please' and appeals to the patriotism of the bonus recipients they will say,'yes sir' and hand back the money. First, because the patriotism argument probably won't work for the AIG guys in London who masterminded the derivatives that created this mess, and second because even the CEO of AIG is sticking his tongue out at the President.
President Obama only stands to have egg on his face, as well as looking weak if he asks and AIG says no.
Second, your example of Pandit is ill-informed, yesterday it was revealed that Mr. Pandit engages in slight of hand when he says he will only take a $1 salary.....he received $10 million in other compensation last year.
Both Pandit and a select number of AIG staff simply need to be 'sacked' as they say in London.
Playing nice is wasted on those who willfully lie, cheat and steal.
The argument about the bonuses seems to be that AIG is contractually obligated to pay them-there is nothing Obama or Geitner can do.
I forget where I saw it, but someone noted that the Congress was more than happy to unilaterally abrogate contracts between the UAW and GM. Why not here, when breathtaking fraud and theft have occurred?
keep up the good work!!! this was a great piece.
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