On quite a posting spree since I just started this blog. XD
So, you may be wondering: why does a sixteen year old want to work for AIG? I mean, sure they're a successful bank, but don't I have more lofty ambitions in life?
Well, you see, if I worked for AIG, after a while, I'd be able to go and do whatever I want. All I need to do is to work for them, collect all those bonuses they're giving out, and TADA!!!!!!!!!, I'm rich.
That's probably what the AIG executives were thinking when they collected that bailout that the US government handed out to them recently. Why not take a perfect opportunity? The taxpayers won't miss the money will they? It's only 165 million dollars. What's the big deal?
First of all, it might not seem like much to them, but it's worth quite a bit to the average household. In addition, it's a principle they are breaking. There is a trust between them and the government representing all Americans in relation to this money. They have abused that trust, and now they should owe up to the consequences.
In times of such economic turmoil, you would think that they would do away with such over the top bonuses. They are just that: bonuses. They are not salaries that are owed to the employees. If AIG needs such huge loans because of their inability to steer themselves clear of bankruptcy, perhaps they should consider why they ended up with this problem. Using bailout money they were desperate to obtain to pay hefty bonuses to a select group of executives does not sound like a proper strategy to deal with this problem.
Obama is furious about this. Good, now let's see what he does.
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