While I am in favor of forcing AIG Executives to returning bonuses that came courtesy of the money from the United States Government and our taxpayers, it should be remembered that condemning the free market is counterproductive.
The suggestion made by Senator Charles Grassley [who is a Republican and a member of the Senate Financing Committee] that AIG Executives should “commit suicide like the Japanese” are racist and reminds me of how my fellow Americans look for scapegoats in times of trouble. In the Bush Era, it was the Muslims and now it is the turn of the Free Market System.
Having made that statement, I am in favor of the AIG Executives returning the bonuses that are courtesy of the US Government and the taxpayers. It is my hard earned money which have been used to sustain a lifestyle that cannot be sustained using public money.
Another reason for forcing AIG Executives to return the money gained from the bailout money of the Federal Government has been that other companies are following by the example of such an act.
According to a report from Xinhua and China View, ING which is a Dutch Financial Group has made an appeal to 1,200 top employees to return their bonuses acquired in the year 2008. This is in response to growing criticism that executives have been receiving bonuses while receiving government bailout money.
ING is also planning not to pay any bonuses for the year 2009 and is working on a new payment plan. It is of the opinion of the underwriter that what has happened at AIG is making other companies think twice before issuing bonuses.
While the financial and insurance institutions should be held responsible for their actions, the politicians in Washington should also be held accountable. Senator Christopher Dodd should resign for allowing loopholes in the AIG Bailout Bill. The Secretary of the Treasury should also be held accountable for allowing the loopholes in the AIG Bailout proposal.
Senator Charles Grassley may have apologized but he should resign for making irresponsible and dangerous declarations about “AIG Executives Committing Suicide Like the Japanese”. Any person listening to such statements could act on them and do physical harm to members of the financial and insurance companies who have nothing to do with the debacle. Mr. Charles Grassley should be held responsible if some individual decides to use physical force against an employee of a financial and insurance institution.
“AIG Chief Tells Staff Some Bonus Range Is Unfathomable” Son, Hugh; Bloomberg March 18, 2009
“Suicide Suggestion For AIG Brass Just Rhetoric: US Senator Boutet, Chris National Post March 17, 2009
“ING asks Senior Staff To Return Bonuses” www.chinaview.cn 3-23-2009 22:00:55