My Comments on “AIG to pay $503 million to top execs”

Tue Nov 18, 2008 | | Posted in Finances News



Last Friday, Nov. 14, 2008, Washington Post reported news about AIG to Pay Millions To Top Workers by Carol D. Leonnig. I have a comment or two about that. First of all Carol D. Leonnig considers the top executives, the so-called C-level executives, as workers. They are not workers. I am a worker and so are millions of millions people working in this world.

The $503 million will not be paid to workers. I am not working for AIG, never have, so I will definitely not be paid out of that money. I don’t know how many workers are employed by AIG, but they will definitely not be paid out of the $503 million.

There are a few things worth mentioning in the news report.

“If this involves putting the same responsible parties first in line [for AIG money], that is clearly not appropriate,” said Lee Wolosky, an attorney for Starr International, the largest shareholder of AIG stock. “Half a billion dollars could clearly be better spent paying back the American taxpayer, rather than rewarding the same executives responsible for AIG’s current condition.”

Mr. Lee Wolosky can make a comment like that. But, no. He can do something about that. Starr International is the largest shareholder of AIG stock.

And they tell us, I don’t really know who “they” are, it’s taxpayer money.

Congress has also been complaining about how AIG’s top executives are running the company and spending AIG money while taxpayers are bearing the brunt of keeping it afloat. Rep. Henry A. Waxman (D-Calif.), chairman of the House Oversight and Government Reform Committee, has been investigating how AIG has spent taxpayer money and demanded documents specifically on its bonus and compensation plans.

Did you notice something here in the above paragraph? Congress has been complaining about AIG’s top executives? What is this? “Congress complaining.” The president complaining.

And they tell us, I don’t really know who “they” are, it’s taxpayer money.

What the heckin’ is going on?

I don’t know but definitely there is something wrong with the structure of things. I mean the system running does not make sense. Whoever is running the system, whether it is AIG, GM, or someone else. Maybe that includes the legislative and executive branches as well. But I am not sure who exactly is running the show.

How can you fix a building or bridge when the foundation is based on…

I don’t know whether the system needs to be fixed from top down or bottom up. Looks like, may be both.

About a month ago, my son said he needs a pair of gloves, some socks and a cotton hat. WalMart is just around the corner and he said he would buy them from the store.  I said how much would it cost me?

He said $5.99 for 3 pairs of socks, $8.99 for gloves and $3.99 for cotton hat. And I said for the extra buck, treat yourself to the dollar menu in one of the fast food joints. He has a piggy bank. He got some coins from that. I said what’s that for? He said that’s for tax.

So I gave him 20 bucks. When he came back, I did not ask him about that. I forgot all about it. I usually do or at least I pretend to.

Two weeks ago, he asked me again if I could give him $20 to buy a pair of gloves, some socks and a cotton hat. I said, no way. I gave you 20 bucks 2 weeks ago to buy a pair of gloves, some socks and a cotton hat. Let this be a lesson to you. I am not giving you more money for the same things that you never bought.

Well, day before yesterday, on Sunday, I went to WalMart and I bought him a pair of gloves, some socks and a cotton hat. My wife said, “You are spoiling him.” I said what spoiling? I just spent 20 bucks to buy him a pair of gloves, some socks and a cotton hat. And I said “don’t forget. He is our son.”

How is he gonna play outside in the snow? I told my wife, I said, “Don’t worry, the company wants us to work overtime. It’s holidays time. I would make up for the 20 bucks in overtime.”

And they tell us, I don’t really know who “they” are, it’s taxpayer money.

Read the report in Washington Post in full: AIG to Pay Millions To Top Workers by Carol D. Leonnig.

What do you think?

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