Behold AIG

[marmar]

from OurFuture.org:



Behold AIG
By Tom Sullivan

March 23rd, 2009 - 2:43am ET


Four years ago, I wrote a column describing the modern corporation as a science-fiction monster – an artificial life form neither biological nor technological, but legal, a soulless creation possessing only appetite and instinct. Behold AIG.

Friday, the New York Times reported that the insurance giant is suing the U.S. government for $306 million. After receiving almost $200 billion from U.S. taxpayers to keep it from collapsing, AIG has taken legal action against its benefactors – us – who hold an 80% stake in the company. All this while sparking national outrage by paying bailout-funded bonuses totaling $165 million to some of the same avaricious jerks that brought our economy to its knees.

First Enron, WorldCom and Tyco. Now AIG, Merrill, Lehman, Goldman, WaMu, Citi, Morgan and Bear. Like the freaks of science that rampaged across movie screens in the 1950s and 1960s, these misbegotten monstrosities have turned on their creators just as predictably. Hence all the talk of torches and pitchforks.

And zombies. Matt Taibbi’s stunning March 19 Rolling Stone piece, “The Big Takeover,” cites an example of the mindless, relentless hunger driving the struggle to hang onto the AIG bonuses,

"We, uh, needed to keep these highly expert people in their seats," AIG spokeswoman Christina Pretto says to me in early February.

"But didn't these 'highly expert people' basically destroy your company?" I ask.

Pretto protests, says this isn't fair. The employees at have already taken pay cuts, she says.

Must...Eat...Brains. ........(more)

The complete piece is at: http://www.ourfuture.org/blog-entry/2009031222/behold-aig

[Bolo Boffin]

1. Hrmmm.

Why didn't Ms. Pretto explain to Taibbi that the people there weren't the ones that destroyed the company? Isn't that what DeSantis said in his resignation letter? Sounds like a decent explanation at the very least, something Taibbi would have had to deal with.

But, no. She says they already took paycuts, not that the culprits are long gone.

It will be interesting to see what's actually the case at AIG.

[david13]

2. The case at AIG is, they are ripping off the gov't, big time.

And so they are getting bonuses for doing that.
dc

[bobburgster]

3. I only wish...

that my company gave out bonus' like that!