I just watched Andrea Mitchell interview Pennsylvania’s Arlen Spector about the AIG bonuses. Senator Spector says the contracts are unenforceable because they violate public policy.
OK–sounds good to me.
There has been some talk that this $165 million is a small amount in the general scheme of things. “Like pissing in the ocean,” comes to mind. I don’t disagree, but that’s beside the point.
This is not about actual dollars as much as it’s about principle and pride. It is wrong to reward disaster–and AGI’s situation is a worldwide financial disaster. Beyond that, we taxpayers are being played as fools.
As noted in the comments, this entry originally had a typo crucial to the actual meaning. My apologies.