I think Mr. Axelrod and Mr. Emmanuel need to realize that they're dead wrong if they think the AIG fiasco isn't important to people. Read Josh Marshall today in talkingpointsmemo.com. People want to know that President Obama is in charge, and that he's not going to let Wall Street execs make the decisions when it comes to companies that have been bailed out by the taxpayers. Whatever this takes, in the form of emergency legislation, regulation, or just sheer force of will, is imperative.
AIG is symptomatic of a bigger picture. Americans are willing to be patient, but they are not willing to see people whose quasi-criminal conduct caused this mess be kept around, paid off, or, worse, allowed to continue running the place. The hell with the retention contracts. AIG-FP should be shut down, asap, and all of its execs fired. The same with the hedge fund like operations of all the banks and investment banks involved. We own them, in large part, and it's time President Obama started forcing the decisions.
Thursday, March 19, 2009
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Have you ever seen a retention contract? Have you ever used one? I have.
In general they go like this:
"We're shutting this thing down in 6 months, so you are going to be without a job. However, we need someone here to help us get through an orderly shutdown. We'd like you to stay and if you do stay through the end, we'll pay you a big bonus. I can certainly understand that you need to go find work and doing that while you're here is going to be an issue, so we're willing to compensate you. So, you can not take the retention bonus and start to look for a job now, or if you sign up for it, you can have it if you last through the end" So, given that scenario that there are trained people that AIG (or anyone else for that matter) needs to facilitate an orderly shutdown, tell me why the bonus should not be paid? Oh, yea, that's right, its because you think that they were excessive and that you didn't like them. Next time your employer, contractor or someone you hire wants to break a contract, remember what you're advocating here.
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