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I suppose what confuses me about this whole AIG drama is the use of the word “bonus.” In popular parlance, a “bonus” is an additional payment given as a reward for performance in helping to reach some specifically defined company goals.
In the case of AIG, however, the word “bonus” was used to describe a contractual remuneration linked to length of employment. It had nothing to do with merit. Being a strict grammarian and logophile, I might quibble with the use of the word “bonus” to describe such payments, but there’s no doubt in my mind that these payments are legal providing the terms of the contract were fulfilled.
Taxpayers, of course, have the right to be furious – but really they should be furious at the lawmakers who were in such a hurry to push that initial bank bailout through with inadequate provision made for oversight and review.
Instead we are getting this lynch mob mentality – string the fuckers up! strip them of the fruits of these ill-advised contracts! – which I find disturbing.
Here’s what they should do with AIG. Here’s what they should have done with AIG 5 months ago: fire the board of directors the CEO, and all other top report executives; replace them with a new thoroughly vetted group to whom strict marching orders have been given on what will constitute remuneration going forward.
If Obama decides to take this to court, the federal government will lose and there will be legal costs to pay on top of that $170 billion bucks we’ve already dished out to AIG.
(If by some chance the federal government wins, then you should be afraid. Very afraid.)
###
In other news, many, many errands yesterday. I read most of Ruth Rendell’s 13 Steps Down while waiting around in various long burocratic in various lines.
Around 6pm got a call from Heidi inviting me over for corn beef and cabbage. At first I wasn’t going to go – because, after all, I am clinically depressed so sitting alone in a dark and hideously messy house like Miss Haversham, brooding over the Past (note the capitol) is my idea of a good time. Then the nursemaid persona in my brain kicked in: Come on…
And I enjoyed myself! Heidi and Bill couldn’t have been nicer. Their friends Bill and Laurie were there too, and after dinner the Bills got out their respective instruments – stand-up bass cello, Gibson guitar – and began to play jazzy old blues covers, St James Infirmary, Nobody Loves You When You’re Down & Out. They play very well together.
Today Crap Divestment begins anew. I’m hoping to finish off the books, the bookshelves and the clothes.
In the case of AIG, however, the word “bonus” was used to describe a contractual remuneration linked to length of employment. It had nothing to do with merit. Being a strict grammarian and logophile, I might quibble with the use of the word “bonus” to describe such payments, but there’s no doubt in my mind that these payments are legal providing the terms of the contract were fulfilled.
Taxpayers, of course, have the right to be furious – but really they should be furious at the lawmakers who were in such a hurry to push that initial bank bailout through with inadequate provision made for oversight and review.
Instead we are getting this lynch mob mentality – string the fuckers up! strip them of the fruits of these ill-advised contracts! – which I find disturbing.
Here’s what they should do with AIG. Here’s what they should have done with AIG 5 months ago: fire the board of directors the CEO, and all other top report executives; replace them with a new thoroughly vetted group to whom strict marching orders have been given on what will constitute remuneration going forward.
If Obama decides to take this to court, the federal government will lose and there will be legal costs to pay on top of that $170 billion bucks we’ve already dished out to AIG.
(If by some chance the federal government wins, then you should be afraid. Very afraid.)
In other news, many, many errands yesterday. I read most of Ruth Rendell’s 13 Steps Down while waiting around in various long burocratic in various lines.
Around 6pm got a call from Heidi inviting me over for corn beef and cabbage. At first I wasn’t going to go – because, after all, I am clinically depressed so sitting alone in a dark and hideously messy house like Miss Haversham, brooding over the Past (note the capitol) is my idea of a good time. Then the nursemaid persona in my brain kicked in: Come on…
And I enjoyed myself! Heidi and Bill couldn’t have been nicer. Their friends Bill and Laurie were there too, and after dinner the Bills got out their respective instruments – stand-up bass cello, Gibson guitar – and began to play jazzy old blues covers, St James Infirmary, Nobody Loves You When You’re Down & Out. They play very well together.
Today Crap Divestment begins anew. I’m hoping to finish off the books, the bookshelves and the clothes.
