Monday, March 16, 2009
AIG pays bonuses of some $165 million to executives and derivatives traders who have all but bankrupted the company. Are these talented? Even though President Obama said that his administration would "pursue every legal avenue to block their bonuses," it may be a mute matter as former Treasury Secretary Paulson allowed such bonuses in the first administration of the TARP passed last year. The agreement made between the government and AIG is legally binding. It looks like this industry, and its government supporters at all costs, even to that of the taxpayers, both lack talent and ethics.