Quote:
Originally Posted by Locke
Hes upset due to the bonus conditions. Fair enough, if it was my money I probably wouldnt be peachy keen on it either.
At the end of the day though, no, he shouldnt get what his contract stated he would, the reason being that the money isnt coming from the original source anymore. AIG isnt paying him with their corporate earnings, the Federal Government is paying him with taxpayer dollars.
AIG was bailed out to the point where they're effectively a wholly owned subsidiary of the Federal Government.
I see it as, if the Fed had upheld moral hazard in the marketplace and let AIG fail then buddy here who just collected a check for about 3/4 of a million dollars would have gotten sweet f*** all.
So what is he entitled to? Nothing. Is it his fault? Who cares? Hes complaining that its not his fault and it isnt fair? Look at the goddamn industry he works in!! Theres no insurance for massive spontaneous corporate failure, and even if there was the carrier wouldnt be able to afford to pay out.
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Dead wrong. Why should the guy work for $1? I'm sure he would have been happier to quit. Again, the Fed had the option to impose conditions when it bailed AIG out; the Fed neglected to, so AIG is simply abiding by its contractual obligations.