Local Stories, Events
Ref. : Civic Events
Ref. : Arts & Education Events
Ref. : Public Service Notices
Books, Films, Arts & Education
Ref. : Letters to the editor
Health Care & Environment
09.19 Shell and Exxon's secret 1980s climate change warnings [that capitalists suppressed this for continuing profit is the most unforgivable crime ever]Trump administration rolls back methane pollution rule despite harmful health impacts [continuing in the tradition of stupid capitalism at all costs]
09.18 'I was horrified that children are breathing air this dirty inside the school' [if your government isn't working, change it!]
News Media Matters
US Politics, Policy & 'Culture'
09.18 'This Election Is Last Chance to Stop Them': Kudlow Confirms Trump and GOP Ready to Gut Safety Net After Midterms [Yes, there are far too many sociopaths]
09.19 'Killing a generation': one million more children at risk from famine in Yemen [Does America's government have empathy? Does it understand the concept of morality? The Saudi Air Force would be ineffective without U.S. military assistance...]
Economics, Crony Capitalism
International & Futurism
09.18 Racist rioting in Chemnitz has reopened Germany’s east-west split [We are all mixed-race after 10,000 generations. Helping suffering people makes us feel good, so become their friends instead.]
Outraged Sen. Mikulski Tells AIG CEO Not to Pay Bonuses
March 17, 2009
Dear Mr. Liddy:
In America, we believe in rewarding success. AIG is attempting to reward the most extreme failure.
We write today to express our outrage at American International Group’s recently revealed multi-million dollar bonus payments. In these perilous economic times, it is unconscionable for the American taxpayer to find out that the very employees responsible for running the company into the ground have now received “performance-based” awards that are hundreds of times as large as the average American’s yearly salary. If these contracts are not renegotiated immediately, we will take action to make American taxpayers whole by recouping all of the bonuses that AIG has paid out to its financial products unit, which, by all accounts, is primarily responsible for the near-failure of the company and the devastating impact on the global financial markets.
For a company that would not exist anymore but for a $170 billion taxpayer funded rescue, it is simply morally unacceptable to spend $165 million on bonus payments, and especially offensive to spend $450 million over the next two years rewarding the employees that helped fuel the nation’s financial crisis. Given the fact that it was the employees in this unit that brought your firm to the brink of bankruptcy and caused such havoc in the world, rewarding them is not only morally reprehensible, but entirely indefensible on any business grounds. It is the grossest perversion of the idea of a “performance bonus” imaginable. In America, we believe in rewarding success. AIG is attempting to reward the most extreme failure.
We stand ready to impose a steep tax, perhaps as high as 91 percent, to recover these undeserved bonuses.
We insist that you immediately renegotiate these contracts in order to recoup these payments and make the American taxpayer whole. We stand ready to take the difficult, but necessary step of working to enact legislation that would allow the government to recoup these bonus payments by imposing a steep tax, perhaps as high as 91 percent, that will have the effect of recovering nearly all of the bonuses that have been paid out since AIG turned to taxpayers for help.
At a time when families across the country are struggling to make ends meet, and hundreds of thousands of Americans are losing their jobs each month, the hubris of this company, and these employees, to demand taxpayer assistance for these bonus payments is simply and plainly unacceptable. We urge you to bring your employees to the table to renegotiate these contracts immediately.
We expect that you will report back to Congress on your efforts to recoup these payments in short order.
Thank you for your prompt attention to this matter.
Barbara A. Mikulski
Copyright © 2009 The Baltimore News Network. All rights reserved.
Republication or redistribution of Baltimore Chronicle content is expressly prohibited without their prior written consent.
Baltimore News Network, Inc., sponsor of this web site, is a nonprofit organization and does not make political endorsements. The opinions expressed in stories posted on this web site are the authors' own.
This story was published on March 18, 2009.