I can't believe some some progressive blogs are getting caught up in the AIG/ Employment law question where AIG is arguing that failing to honor contracts with regards to bonuses could put them in violation of the law.It's all such bullshit. Some executive at AIG decided he wanted his bonus but realized that in this climate with millions of Americans feeling the short end of their terrible corporate decisions and taxpayers on the hook for 150 million bucks that there would be a shitstorm if the bonuses were awarded.
So he ordered someone in legal to come up with an excuse as to why they HAD to award the bonuses because their hands were tied.
Stop over thinking this people.
These are retention bonuses- the company is NOT obligated to pay them if they don't feel like retaining the execs in question.
ReplyDeleteIf your company's officers drove the outfit into bone-crushing debt and bankruptcy, do you think the board should be interested in "retaining" them?
Me neither.
Looks like the DOJ is DOA on this one (along with the SEC). Much of this is actually fraud. I think the majority stakeholders (all Americans) should be able to look over these "contracts" and sue for fraud as well. Kind of like a class action suit.
ReplyDeleteLike what Lockwood said...AIG is full of baloney...they NEVER seem to have their hands tied with a legal excuse to lay off thousands, then turn around and award bonues to execs for "streamline-ing" a company (i.e. forcing everybody's who's left to do 10x the work, with less pay, therefore strangling any chance the company has to do profitable business in the future...), or as Lockwood says "drive it into bone-crusing debt and bancrupty"
ReplyDeleteThese guys got their golden parachute paid for by taxpayers, and turn around and scream that universal healthcare or money for education is "European Socialism"
Well I for one am fugging tired of Corporate Socialism!
Excellent post and excellent comments too!
ReplyDeleteAll we can do is shake our heads disapprovingly.
ReplyDeleteHappy St Patrick's Day!
ReplyDeleteO'Jimm
I've heard enough bullshit for an entire lifetime.
ReplyDeleteKick some corporate ass, Obama administration. That's why we elected you.
Lockwood-
ReplyDeleteI agree. It's just an excuse. If it wasn't the contracts they'd come up with some other reason why they had to pay them.
Don-
That's an excellent idea. Sue the bastards.
Liberality-
Thanks!
HarryTruman-
Welcome and darn tootin'
O'Jimm-
To you too, bud!
Ubermilf-
Yep. They better do something more than talk. This is ridiculous.
Aren't you afraid of hurting their feelings?
ReplyDeleteYeah, they are sensitive. Good point.
ReplyDelete