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Cory Doctorow

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Friday, December 12, 2008

Crooks and Justice?

While running errands earlier today, I heard on CNN (thank you, satellite radio!) that the primo business people at AIG had decided to pay "retention payments" to 168 management staff ranging from around $100 K to $1M.  This was even after they had asked from the government and received around $150B in loads.  The payments were meant to retain quality management staff at AIG for the coming year.

I could feel my blood begin to boil and my head swell and almost could feel steam pouring out of my ears like an old-timey cartoon!  As I'm driving around, I kept saying and singing about how, well, dishonest all of this seemed.

After searching for more info on this story, I found this article on a Congressman who is starting to ask some questions about all of this.  I have a deep well of optimism from which to draw, so I am hopeful that the inquiries will lead to something more and either AIG will somehow be compelled to rededicate the money they received to something else or to return to the government those monies meant for the "retention payments".

Then again, if you loan a friend money to help him pay his rent and he decides to spend the money you loan on lottery tickets instead, unless you had him sign something which would compel him to use the loan for rent, you really have no business being upset at how your friend spent the money you loaned.  You also would never loan money to him again and would do well to write off the loan as poor judgment on your part.

1 comment:

Randy said...

That was one of biggest mistakes of this whole thing - our beloved (sarcasm intended) beloved Congresspeople did not have the wit to attach the condition of earmarking the money for places to actually loan to people instead of on themselves.

At the very least, AIG should be held criminally liable for fraud. But since there few, if any, conditions added to the money, probably nothing those dunderheads can do about this whole sorry mess.

Once again, people fail to live up to the wisdom (or foolishness) of our founding fathers. I guess they had too much faith in people. Such optimists!

Maybe the money should come out of Congressional salaries as a punishment. They're overpaid, as far as I'm concerned.

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