Sunday, March 15, 2009

When Is A Contract A Contract??

Learned something interesting this morning, contracts are contracts and must be honored if you are a suit!!
" A white paper prepared by the company says that AIG is contractually obligated to pay a total of about $165 million of previously awarded "retention pay" to employees in this unit by Sunday, March 15. The document says that another $55 million in retention pay has already been distributed to about 400 AIG Financial Products employees."
Isn't it wonderful that the paperpushers that helped bring about the biggest financial mess in history have to be paid their bonuses because they have a contract?? You know, the ones that were selling financial deals that nobody knows if they were even legal.
"The large bulk of the payments at issue cover AIG Financial Products, the unit of the company that sold credit default swaps, the risky contracts that caused massive losses for the insurer"
The problem with this country is that we seem to reward those that fuck us and punish those that are working for us.
"American International Group is giving its executives tens of millions of dollars in new bonuses even though it received a taxpayer bailout of more than $170 billion dollars.
AIG declared earlier this month that it had suffered a loss of $61.7 billion for the fourth quarter of last year, the largest corporate loss in history."

Yet whenever we hear about the auto companies maybe getting help from the government, the first thing we hear is that the workers have to basically tear up their contracts and give back pay and benefits to the company. It looks like a contract is a contract only if your collar is white, but if you actually produce something tangible, it's not worth the paper it's written on. The way workers are treated reminds me of something I heard that a teenage girl said to her boyfriend, "You Fuck Me and Fuck Me and never take me to the Movies!!"


  1. Well, you stated that very well. I can't add to it at all. Greed - their slogan!

  2. And in the meantime, the Right doesn't say much about this in the gossip columns of the conservative blog world or talk radio. No, they would much rather rail against the poor slobs who were dumb enough to believe they could buy into the American dream and own their home. I am really fed up with this pedastal we seem to have placed the private sector on. I read somewhere several companies are threatening to leave the country. I'd like to be there to give em a swift kick in the ass to help them board the ship.

  3. i have a feeling they should be taking us to the movies soon.

  4. It is a good thing that President Barak Obama is speaking out against this type of "compensation." If troubled and bailed-out AIG gives its executives $165m, it will be a slap in the face to every person living in the US. It must be stopped at all costs.


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