It's been a month since I have written. This is mostly due to the beautiful weather that we have been experiencing in Colorado recently. We have topped 80 degrees a few times in the past few weeks and most days of have been well over 60 degrees and sunny. This has allowed me to get my son out to the park and into the backyard to play baseball and basketball. Basically, I've been having too much fun to settle down at the keyboard and write.
But today is a spring blizzard here in the Denver area. We are expected to get between 10 and 18 inches of snow and my son's sandbox and all of its contents are now pinned up against our fence as a result of the gale force wind whipping through my backyard. What a great day to put on a movie for my son and sneak away to rail against AIG.
Actually, I am going to take the opposite view of this current maelstrom: Pay them their bonuses! The righteous indignation spewing out of Washington about this is ridiculous, highlighted by Senator Grassley's (Rep.-Iowa) suggestion that the AIG executives who earned these bonuses should "follow the Japanese example and come before the American people and take that deep bow and say, I'm sorry, and then either do one of two things: resign or go commit suicide."
Politics is full of sideshows and grandstanding. Senators and Congressmen and -women love to get in front of the camera and take a safe position that most people will agree with. They revel in the glory of their sound bytes and video clips of them scolding the offending parties that are broadcast on the evening news and CNN. They love to pretend they are the hero looking out for the American people, but they are just publicity hounds with no more scruples than any of the people they seek to punish.
If AIG had contracts with these people based on certain goals and numbers and they reached those, then pay them. They earned those bonuses based on the parameters of their contracts.
It is mind boggling that people could earn bonuses when the company lost so much money that it was on the precipice of bankruptcy, but that is exactly what happened. Over-taxing those bonuses and nullifying those contracts is a decision that is far more dangerous and costly than the $165 million spent on those bonuses.
In the future, these executives should be held to a higher standard for overall results of the company, but to take away the money they earned, regardless of how foolish and short-sighted the contracts are, is immoral.
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