AIG Bonuses

There has been much controversy over the AIG bonuses the past few weeks. Most Americans are unjustly upset. Most of the disgust is based on assumption and deflecting anger from the real culprit: President Obama.
I will keep this post as simple as possible as personal opinions are baseless and without merit.
1- Obama never should have bailed out AIG or any other company.
a) Be mad at Obama... he's the one that spent your money.
b) It created a slippery slope that opened the door with no stated end.
c) Private enterprise is best conducted by the private sector.
1- If a private enterprise fails a new, more efficient one will prevail.
2- If a government-controlled, private enterprise fails the government will continue to throw good money after bad.
d) These "loans" led to an 80% government control of AIG after Obama said he will not control them. (He lied.)
2- Less than half of the bonuses were over $1 million. Some were as small as $1,000.
3- The bonuses were RETENTION bonuses, not performance bonuses. Many of you receive retention bonuses in the form of paid vacations, paid holidays, sick leave, negotiated wage increases, etc. Yes, those are retention bonuses. The monetary value is not important because what is "a lot" to you may not be a lot to them. Also, in all fairness, your bonuses are a lot when compared to someone who doesn't receive any of your perks.
4- The government knew about these bonuses long before they were paid out. Do you really think Obama would "lend" $187,000,000,000 (that's billions) without asking a few questions first? Haven't you noticed he never accused AIG of reneging on their deal. From the Hartford Courant (03/25/09): "The records reveal that AIG Financial Products' retention plan was publicly disclosed several times in 2008 -- specifically in quarterly filings with the U.S Securities and Exchange Commission. The company also states in a Feb. 4 memo that it submitted the "employment retention plan" to New York State Attorney General Andrew Cuomo last October."
5- Remember, Obama said that AIG is an important company... too vital to fail. To be vital they must do things better than similar companies. It's contradicting for Obama to like a company for what it does and then to disagree with how it does it. Also remember, it was AIG's previous choices that made them the "vital" company in the first place.
6- Although the bonuses seem large, they pale in comparison to the cost of hiring and training new people with the same expertise. Also from the Hartford Courant: "The company defends its bonus payouts in a Jan. 29 document, titled "Rationale for FP Employee Compensation," in which it states that the plan was designed to retain employees at a time when market losses had created "tremendous uncertainty" for them. AIG estimated that it would cost the company "hundreds of millions, if not billions" to "unwind" AIG's Financial Products arm without the help of current employees."
7- Lastly, and maybe most importantly, when the slippery slope (as mentioned in 1b) opens the door for the government to change the rules mid-stream, it is only a matter of time before they come after you. You can't say it won't happen. Hell, you can't even say, "but I have a contract". It is a legalized form of stealing... a.k.a. SOCIALISM.

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