If you watch the news at all this weekend, you heard about AIG paying bonuses this week to the guys that put the company, and our economy in such peril. If you didn't hear about it here's one story about it.
The current CEO of AIG was put in place by the Bush administration and he wrote a letter to President Obama saying that AIG's hands were tied. The contracts were negotiated before he got there, and AIG is contractually obligated to make the payments.
As I see it, the problem is NOT that they are making the payments now, the mistake was made long ago when they wrote the contract. Who in the world would write a contract where they were obligated to pay bonuses to people who drive your company into the ground? I've not seen the wording of the contracts, but I've heard them referred to as 'retention bonuses'. Why would they want to keep these guys?
The real question is, when these executive receive the payments, will they keep them? I saw a story about the CEO of JAL where he returned his salary because the company lost money. He sets a great example of what leadership really is.
My prediction, the AIG execs will keep the money, and not think twice about it.
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