I like the way one of the interviewees replied when asked what did he think of AIG paying its traders and others USD 165m in bonus - he said 'off with their heads!'.
Like the St Regis fiasco that happened some time back, AIG again, stirred up furore by spending money and rewarding its executives using American taxpayers' money even though bad business decisions by these same people brought the financial giant to its knees.
The CEO calls this 'talent retention'.
Like there're plenty of competitors elsewhere they can run to?
Personally I think this is distasteful. Certainly not in a time like this should their executives be rewarded.
They took excessive risks on behalf of the company to multiply their bonuses but because their bets failed, the company became insolvent and they, get by with their already livable basic salaries.
I am a believer of capitalism, but also fair and just compensation.
Even Pres Obama almost choked on his words with anger when asked about this.
Best.
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