Sunday, March 15, 2009

Bailed Out AIG planning millions in bonuses

There has been news reports that AIG which had received billions of dollars in bail out money from the government is planning to give out hundreds of millions of dollars in bonuses.

They said that this was necessary to retain the best personnel and cannot be cancelled as it might result in lawsuits due to a breach in employment contracts.

Surely extraordinary circumstances require some change in stance? For a company that has record losses, surely the employees do not deserve any bonuses?

What's more, precious tax payers money was gone in to bail out the company and now this money is going to be paid out as bonuses. Perhaps it is time the Obama administration rethinks which companies it wants to save and which companies should be just left to fend for themselves

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