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AIG execs should get their bonuses — just not right now

March 19, 2009

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My 19-year-old brother joined the Marines so he could fight for his country even though his ethnicity was a bone of contention for his fellow countrymen. He was killed saving his platoon. He is a hero. Oh, Uncle Sam gave his medal to my mother and his name is inscribed on the Vietnam Wall. Yes, he was and is a hero.

But that is not the crux of my point herewith. The point is that the country was at war back then, whether or not the action was sanctioned by its citizens and others. My brother was the kind of guy who believed that service is a necessary sacrifice in times of war.

Here’s the thing: Today, America is also at war — an economic war. I agree with my brother’s belief that, when your country is at war, sacrifices must be made.

So about the AIG execs and their obscene bonuses — who could fault them for wanting money promised to them in good faith? I submit that many Americans envy them at the same time that they ridicule and rebuke them.

Regardless of public sentiment, for the good of the country, the AIG execs should give the money back and ask for it when times get better.

The precedent for doing the right thing has already been set — early on by President Obama, who froze pay for senior White House staff in one of his first administrative actions.

Then Kraft Foods Inc. stepped up in early February with an announcement that top manager salaries — starting with its chief executive — would be frozen at the 2009 rate. They would still be eligible for bonuses, however, but hopefully only if the company continues to post increased earnings. Meanwhile, the company assured the remaining employees they would receive raises since the company’s earnings rose sharply the year before.

To borrow a phrase from historical literature, these are trying times. Even the innocent are having to dig deeper and make greater sacrifices. So, all you high-fliers need to just suck it up. It is not about what you deserve, but what the marketplace can bear.



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  Comments (6)Post a Comment
Title: your blog on sacrifice


bravo, well said


Title: sacrafice


First let me thank your brother and your family for his service and sacrifice to our country when he was needed. He indeed is an American hero and I salute him.

Your basic premise is that all human beings should be willing do the right thing and serve when called upon. As much as I like that premise, the reality of our financial institutions is much different. Our financial institutions have built a self serving greedy culture that would never understand what your brother understood. Until that culture is corrected and they truly start working in their customers best interest, your nice idea will not work.


Title: Gov't can't run AIG, Should they run health care?


I hope America is paying attention. Those same Government officials that can’t run AIG also want to run your health care, your car companies, and tell you what kind of light bulbs to buy.

We need to have a national debate on the costs and merits of government taking over 1/5th of the US economy. Any time you have something handed out for FREE, you will have to ration care. Sorry, but there is no free lunch.


Title: Bonuses


How can people expect bonuses from a company that has been bankrupted by their poor decisions and only exists now because the American taxpayer has bailed them out? You can only get a bonus when the company actually makes money, regardless of whether it was promised.


Title: Covert operation


Yep, AIG and greedy companies alike believe in this saying only twisted; "Ask not what I can do for MY country- but what THE country can do for ME." I don't think they deserve any bonuses PERIOD!!


Title: sacrifice


I agree your brother was an is a hero, I Also agree that now is a time when sacrifice is necessary and those that do are heroes Its just sad that the poor and a few rich are always the one that sacrifice and not the wealthy/AIG employees and others like them.


 

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