Sunday, March 15, 2009

Destroy world financial markets? Good job. Here's your bonus.

We learn that AIG will pay $450 Million in bonuses to the gys in the Financial Services business (WSJ, subscription) to the guys who ran the credit default swaps and other hustles that we've had to pay $173.3 billion in aid to keep the parent company from imploding. CEO Edward Liddy said that the compay is contractually obligated to pay these bonuses. "Honoring contractual commitments is at the heart of what we do in the insurance business."
At first, I start to mutter stuff such as "What color is the sky in the world that these people inhabit?" or "How do they accept these checks and not laugh until they wet their pants?" Then, I got angry, thinking that it's beyond arrogant and into the realm of criminal.
Now,  don't know what I thnk or feel.
Maybe this is "Springtime for Hitler," some sleazy guys who set out to do the most awful thing that they can imagine and make more money than if God was selling Girl Scout cookies. Maybe the outrage and confusion is meant to dull our senses so that we'll be too wiped out to respond to an even greater outrage.

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