It appears AIG is going to pay out $165 million (Update) in CEO bonuses with its bail-out money. (Didn’t they already do this? Or was that somebody else?) They say they are contractually required to do so. (See Josh Marshall’s comments.) And they say they have to pay big money to the ‘best and brightest’ to keep them. I keep reading complaints that these guys couldn’t possibly be the best and brightest because they took the company down in flames. But I think that maybe they are the brightest, if not the best, because they are still getting million-dollar bonuses even after they took the company down in flames. Certainly they have the money game figured out for their personal benefit.
At any rate, I think your best commentary might be from Driftglass:
Let’s be clear; AIG made its money gambling.[...]
And now, like any other gambler, AIG has to pay up or go down hard.
Unlike any other gambler, our government says that AIG gets to pick our pockets to make good on its bad bets, because if we don’t go good for these reckless fucknozzles horrendous mistakes, the global economic hard drive will crash and dump us all into the middle of the 11th Century in our underpants.
[...]
Which may be a mile-high pile of happy horseshit, or may be just hard fiscal truth; I don’t know enough to judge.
[...]
So [...] maybe the people who flew the world financial system into a mountain really are holding some Special Genius Monetary Powers in reserve that will save us all, but that for some reason they have clearly not bothered to use so far.
[...]
What I do know is that we have been lied too, used, fucked over, rolled over, rinsed and repeated over and over again by this same species of clowns enough already.
....but hey, do what you want....you will anyway.
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