AIG is blowing smoke up our you-know-what and because of greed and the American people are taking the brunt of the mistake. This company turned an emergency bailout into a meritless handout, paying windfalls to employees as reward for financial failure.
Americans are working hard to keep the jobs we have and no one is taking their job for granted; due to a failing economy being rewarded for doing a poor job strikes a sour note and offends our sense of moral values to see others benefit from not doing their job well. People are getting laid off through no fault of their own and AIG is trying to give millions of dollars to people who have money and won’t be in the food stamp office if they don’t get these bonuses.
The documents Connecticut received showed that 418 people received bonuses, from $1,000 to $6.4 million, he said. At least 73 people made $1 million or more, and there were seven people who made $4 million or more, Blumenthal said.
When the President is telling us to have hope and Oprah is saying Live Your Best Life, have integrity, be a real citizen of America and we will all get through this together, AIG execs are benefiting from not doing any of these things.
I am angry and it creates a sense of anxiety to imagine that others can be rewarded because of an employment agreement based on performance when the performance clearly was not up to the company’s financial objectives.
Chairman of AIG, Liddy was asked by Rep. Barney Frank, chairman of the House Financial Services committee, to turn over the names of the executives who received the bonuses.
Our economy is over-wrought with lay offs, foreclosures, businesses closing and everyone making an effort to do without and change the way we live so we can survive.
I visited the AIG web site to learn more about the company and examined the “Code of Conduct” the “ethical” guidelines for delivering business. This is an excerpt that promotes values to develop diverse talent, reward excellence and be accountable.
AIG Code of Conduct
Our Values
* People
Develop diverse talent. Reward excellence.
* Customer Focus
Anticipate their priorities. Exceed their expectations.
* Performance
Be accountable. Manage risks. Deliver AIG’s strength.
* Integrity
Work honestly. Enhance AIG’s reputation.
* Respect
Value all colleagues. Collaborate with one another.
* Entrepreneurship
Seize opportunities. Innovate for and with customers.
Deliver the Firm
The core values and principles set forth in our Code are a reflection of the talents and expertise which distinguish AIG and are an integral component of the value proposition that we bring to our customers, employees and all of our communities as we strive every day to truly Deliver The Firm. In order to execute our Deliver The Firm strategy, AIG expects every employee to collaborate with colleagues throughout the organization, manage risks, comply with all applicable regulations and optimize operational efficiencies.
The company further states the fellow employees are trusted to value and respect each
other its customers and business partners because of an expectation of integrity.
“Communities around the world rely on us to be responsible corporate citizens.”
What do you think?
1. Should AIG executives return the money, 2. Is the President responsible for the mess even if he did not make it. He is responsible for fixing it. 3. Should there be regulations in place to prevent companies from taking huge risk
As a person striving to tread water in the financial abyss of an unstable economy I want answers, I want accountability. As a woman, with a family providing guidance and instilling family values to live by, I want answers.
...I am angry and it creates a sense of anxiety to imagine that others can be rewarded because of an employment agreement based on performance when the performance clearly was not up to the company’s financial objectives...
I can relate and it just doesn't make sense. Every job I have worked, it was understood that no one gets bonuses when the company doesn't do well. I guess AIG doesn't play by the same rules.
Tuesday, March 24th 2009 at 12:39AM
Jen Fad
...1. Should AIG executives return the money...,
Absolutely!! I was watching Anderson Cooper 360s "The Rich & Shameful" yesterday and I was quite pleased to know that people are taking tours in chartered buses to look at the homes of some of the AIG execs!! Way to go American people... I guess AIG has been put to shame afterall, because today's headlines in the NY Times state "A.I.G. Bonuses of $50 Million Will Be Repaid" http://www.nytimes.com/2009/03/24/business...
