It’s time for the government to use its ownership muscle to fire the Board of AIG.
These folks ran the company into the ground. They begged for taxpayer money. Then they agreed to give multiple millions of dollars in bonus money to their employees (who would be out of a job completely if the taxpayers hadn’t ponied up).
Damn it. These managers just don’t get it. They’re still paying bonuses to people who failed.
Yeah, not everyone screwed up. And, there’s the argument that you want to retain employees so you have to pay them competitively.
But, here’s a thought. There’s a whole industry of people who screwed up and still feel entitled to over-sized salaries. Let them go if they find another place that will pay them for their past failures. Replace them with ignorant stupid newcomers.
At least the newcomers don’t have the history of gambling away billions of dollars. How much worse off will AIG, the taxpayers, and the country be?