#233 bonuses for inept executives?

Well, well, well — the management of AIG is using bailout money to give bonuses to executives who almost brought the company to brink of collapse.

The rationale: if the management did not, then the company would have difficulty in hiring talented people in future!

How irrational this can be? Giving bonuses to those executives who could not lift the corporation out of the rut in the US? Should these executives not be sacked in the first place?

Should AIG be made bankrupt, will the US economy come crashing? Are these executives any better than Madoff?

How many of these executives after receiving the bonus can sleep peacefully or eat their food contentedly when those whom they sold the premiums to have actually lost their security for life and living in poverty?

Will this be victory to Osama bin Laden in wanting to see the US economy go bust!

Is there concerted effort to open corruption among the AIG management? 

If the US economy collapsed, then those who invested in the US Treasury Bond comes to nought!?!

UPDATE several days later: Bonuses to be taxed at 90% of that received!?!

#228 transparency

There was so much talk about transparency in corporate managment and in politics…today, news revealed there was NO transparency at all. If there were, it was selective transparency. As a matter of fact, there were lots of cover-up!

The latest: bonuses given to top executives at Merrill Lynch on the quiet! The bargain to pay out bonuses were kept for these top earners yet staff were axed and investors lost their hard-earned money!  Where is integrity? Where is honesty? Are the consciences of these top executives seared?!?

This recession is a revelation of sheer lack of transparency in every aspect of life! It is not just greed but lacking in integrity and honesty!

How could banks and corporations chalked up so much deficit that cause a downward spiral on the world economy? These were kept out of the public in annual reports.

Were there concerted efforts among the professionals involved — accountants, lawyers and others — to deceive the public, without mentioning those in governance! All those mutual back-scratching and deception…haha…the truth is out there!