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November 14, 2024, 09:33:57 AM
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Home > General > The Cantina > Welfare kings.

Welfare kings.

 
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MFAWG
Rich Corinthian Leather Jacket

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Welfare kings.
« on: March 14, 2009, 09:01:27 PM »
http://www.nytimes.com/20...ss/15AIG.html?_r=1&hp

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WASHINGTON — The American International Group, which has received more than $170 billion in taxpayer bailout money from the Treasury and Federal Reserve, plans to pay about $165 million in bonuses by Sunday to executives in the same business unit that brought the company to the brink of collapse last year.
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The things that will destroy America are prosperity at any price, peace at any price, safety first instead of duty first, the love of soft living and the get rich quick theory of life. -- Teddy Roosevelt
gleek
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Re: Welfare kings.
« Reply #1 on: March 14, 2009, 09:31:34 PM »
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But the bonuses will go forward because lawyers said the firm was contractually obligated to pay them.

Shouldn't a "bonus" be tied to some measure of performance AND be awarded optionally? If it's "contractually obligated", then it's NOT a *goshdarn* bonus. They're trying to make it sound like money they were expected to receive, and if that's the case, they could do themselves a favor by not calling it a "bonus". They should be calling it "deferred compensation", if anything.
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