Today’s Chicago Tribune offers an interesting (infuriating?) article on bonuses at AIG. The Obama administration’s pay “czar” Kenneth Fineberg declares that the $100 million being paid out to executives at the failed unit of AIG are legal. I underscore the word unit because AIG is a huge company. Many of its executives have done great work and deserve a bonus. However, those employees who did not identify risk, which is what an insurance company is supposed to do, should not get a dime. Or they should get their bonuses from the company they paid off with taxpayer money – Goldman Sachs. (Click here to read Matt Taibi’s article on this subject).
Workers who often live paycheck to paycheck are not getting bonuses. They’re getting pink slips and furlough days. Every day we get further evidence that the economy and the government works for an elite. When will there be some protections for workers and their incomes?
To read the article on AIG bonuses, click here.