Posted on Monday, 23rd March 2009 by Cheyne
A tirade of public outcry has been pointed at AIG execs who used about 160 million of the 180+ billion in TARP funds from the government to give themselves bonuses. The government has no legal right to block it, so there is nothing that can be done.
There are reports that most of the AIG execs that received bonuses have returned them., This is actually astonishing to me.
The media, the market, and everyone else has demonized AIG execs already for what they have done to the company. Is returning the bonuses going to help the business? Not really. Is it going to help their personal reputations? I don’t think so. They are still going to be those evil fatcats who ruined the stock, the business and needed the taxpayer money to bail their mistakes out.
Why bother returning it? It won’t change anything. I probably wouldn’t as wrong as I know it is. Take it and run…
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