March 17th, 2009 by Aparna
I was debating myself for the past two days, shouldn’t there be any other strong reason to pay the bonuses other than just contracts? Looks like AIG is strongly determined to make their millionaire executives multimillionaires. This morning, Andrew Ross Sorkin supported the payouts in his article at the Times(link here), that however painful and offensive, we got to honor the contracts. Question for Sorkin. Did the banks, financial institutions honor the investors contract and the retirement funds of many people? Did Madoff honor the hard earned money of his investors? Didn’t all these people take our economy down the drain in an Roller Coaster? AIG argued that the payouts are necessary to keep the employees. But eleven employees who received retention bonus are no longer with AIG ( Cuomo’s Report at the Times). So what exactly the company is aiming at? On top of everything we the people have a word of contract with the government to spend our money efficiently and effectively towards the road of recovery? Will anyone honor that?