by justinb
11. December 2009 17:47
Life has just changed for the worse if you let bigwigs of the Bailout Billions tell it, since top jobs now come complete with perks and pay caps. Wow, can we call the pauper police? It's really cruel and unusual punishment that CEOs of GM, AIG, Citigroup and GMAC are restricted to a measly $500,000 in annual compensation. What in the world was pay czar Kenneth Feinberg thinking by restricting pay for the Big Bosses? Who knows...maybe Feinberg was thinking hummh - fiscal responsibility, accountability or that the bosses of these welfare ward companies are directly responsible for running multi-billion dollar companies to the brink of bankruptcy. Geez, how dare Feinberg expect that tax payers should actually have a say in the matter.
AIG is perhaps the worst example of Corporate America to date. AIG essentially applied to the Government for welfare after loosing billions in very very questionable derivative based deals. Now after the Government responded with over $60 Billion in welfare aid, to the Company, AIG's CEO Robert Benmosche has the audacity to whine and complain about the salary restrictions. Correct me if I'm wrong, but isn't the CEO the top job? If so, than who else would be responsible for AIG's woes other than the CEO? Oh let's guess - Benmosche is entitled to the glory not the blame for AIG's financial problems. Right?
Let us not forget that it was AIG who earlier in the year was quick to play the political job loss card to help persuade the Feds to lend AIG more than $60 Billion. Shortly thereafter, this is the same Company caught on an illustrious employee spa retreat - on the tax payers dime might i add. Meanwhile, job losses and job cuts are racking up, around the country, by the thousands. Let's guess how much could have been accomplished in terms of job growth, if the $60 Billion plus received by AIG was directed to a more worthwhile cause like say putting hard working Americans to work. Truly, AIG with is obscene arrogance, financial incompetence and buffoonery makes the US look really bad in the eyes of the rest of the world. This is a problem that absolutely must be addressed on a grand scale. So, while top jobs for bailout recipients AIG, GM, Citigroup and GMAC come complete with perks and pay cuts, more has to be done to right this wrong. Let's start with making an example of AIG, with all of Benmosche's arrogance, let's see how much the AIG's top job pays in jail. 
