So, where would these people be if AIG went under? Just another creditor waiting in line in hopes that the bankrupcy court will pay them. If they received a base pay, then I think they should be stuck with it and no bonus.
Not at all a fair or a legal or a logical way to look at it.
Many of these people would have LEFT AIG, had they known that they would not get this bonus.
These “retention bonuses” are contracts written years ago.
If there had been a bankruptcy, these people would know that the bonus was NOT guaranteed. However, there was no bankruptcy -— and the employees deserve every penny!
You are not a conservative if you believe that the President or Congress can void contracts!
Besides, the President and Congress APPROVED these bonuses, by their votes and signatures!
Here’s the problem....If the Government had NOT stepped in to bail them out, then the place would have gone bankrupt and the contracts would have been renegotiated...therefore, no bonuses! (hence the reason why the the Dems did NOT want to let GM and Chrysler go bankrupt since the UAW would have had to accept negotiated contracts.)
Instead, Congress bailed them out without any conditions. THEY wrote the legislation and there were no strings attached. AIG must follow their contracts. Obama KNEW this and doesn’t care because he’ll let them take the heat. Even the NY TImes mentioned that Obama KNEW the bonuses were going to given out, so to feign outrage is his typical (and lying) response.