Can you believe this: the government restructures its loan/investment in AIG and the first thing AIG plans to do is pay out tens of millions of dollars in bonuses, etc. Are these people nuts; or just incredibly greedy???
Of course, their argument is that they need to pay these incredible awards in order to keep good talent. Well there are at least two things very wrong with this kind of thinking: (1) in every industry every year executives plan to leave for another job just AFTER they receive their annual bonus; and (2) the people receiving these awesome rewards are the very same people who made the decisions that got AIG into this mess in the first place!
This whole meltdown mess is driving me nuts. I take no comfort in the fact that the G20 leaders gathered to discuss how to avoid a global recession, or worse. In fact, they plan to reconvene in April, 2009. How bad could things get by then?
But, I suppose we can take some comfort in that there is movement on naming the members of the US Oversight Committee. Yesterday, the Democrats named their 3 nominees. However, the Republicans have not named their 2 nominees as yet. Until there is a full committee named and approved, the Oversight Committee will continue to do nothing. This situation just gets crazier and crazier every passing day.
Lord knows what next week will bring.
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