Tuesday, April 07, 2009

Not Everyone Retires to Miami Beach

I know many of you out there have been greiving for the AIG executives who have been targetted by the government and small-minded, American rage. These poor men and women who accidently ran their company and the country into the ground. Who hasn't crashed a car? And when the rest of us have that accident aren't we allowed to get another car? Even if we drove our car into the capital building which caused the building to burst into flames. Will anyone take a stand for these AIG executives?

Yes. Well. not a stand. But other financial executives will bitch about the unfairness facing these AIG people. In financial offices around NYC lolely temps can hear other best and the brightest complain about how it's unfair these people have to pay back our bonuses. And gripe that, "We live in a land of laws and contracts." Here! Here! Finally smart people are saying something even if it's only inside the walls of their offices.

Now, not to rain on anyone's parade here, but does it matter that AIG executives had a contract with AIG prior to the government bailout. I am just an uneducated little person who can't grasp the complicated world of finance and how legitimate it all really is. However, I remember reading about Bill Parcels and his contract with the Miami Dolphins. You see Bill Parcels is one of the best and the brightest in football. The owner of the Miami Dolphins hired him to be the General Manager of his 1-15 football team. The following season after Parcels general managing the team went to the playoffs. Parcels' contract was for several years, however, the current owner of the Dolphins was contemplating selling the team. If the sale went through then Bill Parcels would not be obligated to to remain the General Manager of the Miami Dolphins. Yes, his contract would no longer be binding.

So my question is, now that I and all my friends own a majority stake in AIG why are the contracts that I did not negotiate with the workers still valid? If football guru Bill Parcels doesn't have to honor his contract once new management comes in why do the AIG executives have to.

Free the AIG executives from their bonuses. Don't make them stay on with new management. They hate their new management anyway.

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