Commentary


AIG execs should get their bonuses — just not right now

March 19, 2009


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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