Obama douses fire over AIG bonuses
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US President calls for temperament rather than anger over bonus structure.
US President Barack Obama has waded in to a fire fight of words over excessive bonuses paid to executives of failing insurance group American International Group (AIG).
AIG was handed a government lifeline when it recently received over $170 billion to avoid financial collapse. The company then caused extraordinary commotion by handing out $165 million to executives in annual bonuses.
US taxpayers felt similar sentiments to their British counterparts, who felt equally cheated over the furore caused by Sir Fred Goodwin, claiming a monstrous pension from RBS of nearly £700,000 ($1,028,000) after the bank had spectacularly failed under his leadership and received a government bailout.
The US President had called the AIG bonus structure “reckless, outrageous and unjustified,” according to the Associated Press but President Obama called for reason and asked that the AIG not be demonised in a time when American’s needed solidarity not bickering.
President Obama is clearly juggling a number of very problematic balls.
On the one hand there is the furious American public who demand satisfaction for their misspent tax money; but on the other hand are the executives who will ultimately help Obama lead America out of the worst financial crisis since the great depression.
Obama, diplomatically charming as ever, told CBS that he would not, “govern out of anger”. For now, AIG executives have a powerful ally in their corner, but Obama may have a difficult time restraining the fury of the mob should bailout funds be misused again.
AIG reported that 75 per cent of the top 20 executives had returned their bonuses to the insurance company.
“… on the other hand are the executives who will ultimately help Obama lead America out of the worst financial crisis since the great depression.”
Only because we allow them to continue on keeping their jobs by providing billions in tax money while Obama provides endless support for their incompetence. We need new people and new ideas, not those same people who got us into this mess. After things are over, we don’t want the same people who caused the mess to stay in power, but that’s EXACTLY what you all will get if you keep them in the job now. Foolish.
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I am curious to know of these magical “new people” who are qualified to deal with the financial crisis and lead us out of the mire, but are conveniently unemployed at this moment in time.
Banks and insurance companies took risks and made mistakes, but I’d much rather let the experts deal with sorting out the problems than employ some pretender just because they’re new and different.
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Politicians/world leaders are people who we think will carry our cries for change into Congress or Parliament. How much change have they actually made in the last 30 years? Wars are still occuring, poverty still exists, the rich stay rich, the poorer population grows larger.
If you ask me, the monetary system is crazy. We will never shake the chains that hold countries in debt unless we make a major change.
If you haven’t seen Zeitgeist: Addendum, Google it and watch it! It’s free and is circulating in over 23 languages.
Some good answers and possible solutions to why WE are where WE are.
Political Muppet Show continues…
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