This just in from the WSJ:
American International Group Inc. will pay $450 million in bonuses to employees in its financial products unit. That division was at the heart of AIG's collapse last fall, which compelled the U.S. government to provide $173.3 billion in aid to keep it running.
Those payments are in addition to $121.5 million in incentive bonuses for 2008 that AIG will start making this month to about 6,400 of its roughly 116,000 employees. AIG, which was rescued in September as it faced potential bankruptcy, is also making over $600 million in retention payments to over 4,000 employees.
Together, the three programs could result in roughly $1.2 billion in retention and bonus payments to AIG employees.
Let's do some math:
Incentive bonuses: $121.5 million + $450 million = $571.5 million
Employees receiving bonuses: 6,400
Bonus per employee: $89,296.88 - each person! a bonus! bonus!!
Since English is my fifth language, I sometimes wonder if I don't know what words really mean, so I looked up "bonus" at Merriam-Webster. It says:
bo·nus
Pronunciation:
\ˈbō-nəs\
Function:
noun
Etymology:
Latin, literally, good — more at bounty
Date:
1773
something in addition to what is expected or strictly due: as a: money or an equivalent given in addition to an employee's usual compensation b: a premium (as of stock) given by a corporation to a purchaser of its securities, to a promoter, or to an employee
Okay, so my English is not that bad. Let's move on and see more American Imbecilic Greed financed by you and me:
Retention bonus: $600 million
Employees receiving: 4,000
Retention bonus/employee = $150,000
So, you run a company to the ground, take tax payers down with you and you make out rich! I love America - it really is the greatest nation on earth - I bet AIG bonus recipients love America more though. The only adjectives that come to mind: corrupt, vile, evil, disgusting, unethical.
Is there really any argument in favor of these figures? Anyone?
2 comments:
Apparently President Obama is paying attention and scolded AIG. Good for him. I really hope he is able to block the bonuses. Bonuses for bankruptcy - PUH!
You know, the only comments I really have on this involve extended analogies about nonconsensual adult behavior, and, uh, the positions in which said behavior might be taking place. So, to spare everyone waaaay too much profanity and disgusting imagery, I'll go ahead and leave all that out.
So yeah, pretty much what you said.
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