Bailout: Leopards Don't Change Their Spots!
by, 03-18-2009 at 05:45 PM (2364 Views)
AIG: Leopards Don't Change Their Spots!
Bailed out insurance company AIG ask employees to voluntarily return their 165 million dollar "retention bonuses". In a funny conversation with an associate about the bailout of AIG and their "retention bonuses" he asked, "aren't bonuses supposed to be performance based? If they are a failing company, their performance must have been bad." I replied, "they performed pretty good to convince the Obama administration they needed to be bailed out." Though we both laughed this is a serious matter. What is serious is not the bonuses but the hypocrisy being shown by the Obama administration. It was stated plenty of times that the economic downturn was caused by corruption and greed. So why give the corrupted and greedy more money and expect different results other than greed and corruption? If you bankrupt your company because of greed then you deserve to fail. We are rewarded for what we choose to do and choose not to do. The bailout money given is more fuel to the devil's fire pit. It is a classic case of the rich keeping each other rich and the poor's tax dollars being stolen to achieve that goal.
The Obama administrator's phony complains first started when former president George W. Bush started issuing bailouts checks to individuals and financial institutions. Obama complained $600 was too little for the people and started talking about a new bailout. The Obama administrator failed the people with his $13 a check bailout for the people yet gave billions to the banks. Once financial institutions were paid the fangs of greed began to show further. Bailed out banks could not account for their lose of bailout money, bailed out executives were trying to go on fancy vacations and resorts, executives complain about there salaries being capped at $500K, Madoff is caught selling billions, and last but not least AIG is caught paying out $165M in bonuses. The outrage we are seeing today should be directed at the Bush-Obama bailouts for giving the companies that caused the economic downturn more money. Maybe Obama's administration forgot the phrase; leopards don't change their spots.
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