The Other – and often not talked about – Side of the AIG Bonus Outrage

26 03 2009

The following op-ed gives one a good look into the dysfunctional company known as AIG. It’s been blasted in the news so much recently that the New York headquarters removed the logo from the outside of their own building.

The “populist rage”is everywhere these days, but Mr. DeSantis’ letter provides an unheard perspective from the financial products division of AIG and from someone who is being punished despite a signed contract.

Clearly, the argument against AIG bonuses is rather simple. No person(s) should receive million dollar bonuses while the company is receiving billions in government (mine, yours and our grandchildren) dollars. But the other side of the story is 1) We are a nation of laws and contracts were signed. 2) The treasury secretary, president, members of Congress and the AIG CEO knew these bonuses had to be legally paid out, but then seemed shocked and angered when the details of the bonuses started appearing on the nightly news.

What concerns me most is not that the bonuses are being paid out. Who are we to fight over few hundred million dollars when our government, which essentially owns AIG now,  is already irresponsibly spending (former and current administrations included)? What bothers me is nobody, NOBODY, really took the time to understand the whole story before grabbing their lanterns and pitchforks.

Click here to read the op-ed.