Any time someone is compensated with a bonus or commission structure it is based on performance. I heard a news clip with someone from AIG speaking saying that their life insurance sales staff were to get “x” for each policy sold and that is why they must pay out billions in bonuses.
BULLSHIT!!! Sales staff are paid at the time of sale.
“Upper” management, who do NOT sell policies, are bonused on performance, which in their case would mean profitability. THAT obviously didn’t happen.
BEFORE any bonuses are paid with our taxpayer dollars we should be allowed to see these contracts.
Hello Obama and Geithner! Let’s see the AIG contracts!
One obviously cannot take anyone’s word at AIG.
According to the BBC:
“It’s hard to understand how derivative traders at AIG warranted any bonuses, much less $165m in extra pay,” Obama said.
He has told Treasury Secretary Timothy Geithner to “pursue every single legal avenue” to block the bonuses.
Thankfully, we have a smart President. But what is UP with the IOUs?
Just in case you were wondering, I say fuck the IOUs too!
WHAT SAY YOU?