Despite AIG’s troubles and the 170 billion dollar bailout approved late last year for the struggling insurance corporation, they still manage to pay out $450 million dollars in big bonuses for company executives. Supposedly they were contractually obligated.

Truth be told, I have no problems with companies handing out big bonuses for executives.  That is the beauty of the idea of capitalism is it not?  However, I do have a problem with companies using bailout monies to pay $450 million dollars in bonuses.  We (the tax payers) bailed this company out of shambles only so that they could punch us in the guts and then laugh at us.  Not only that, but their stock has not improved since the bailout and has gotten progressively worse (they lost 61.7 billion in the fourth quarter last year).  So despite the big ol’ check from Uncle Sam, they are still headed toward the proverbial toilet.

So tell me… what company gives out big fat bonuses when it is failing to thrive?

The bottom line is this:   Our government stupidly gave AIG 170 billion dollars of bailout money.  This money was supposed to be used to get the corporation back on its feet.  Instead of being used to save the company and save jobs, the money is being used to save the summer homes of the executives.

This is an issue that the citizens of the United States should have been allowed to vote on because I GUARANTEE if we had been able to vote on this, then those corporate fat cats would not have been approved.  They would have been denied and forced to suck it up and do what most business owners do in hard times…. downsize, reorganize and simply live without.

If we (the average joes of the world) screwed up at work and cost the company money, we would get fired.  Folks at AIG get a million dollars.  If our companies fail to thrive and  fall on hard times, our employers take away our bonuses and other goodies until the company gets back on its feet.  And we are all okay with that because it means we get to keep our jobs.  The folks at AIG take an all expense paid trip to a tropical island somewhere (complete with private jet, luxury hotel, and a limo to go tooling around in).

People… this is why we are in trouble in this country.  This is one reason WHY the American public is so pissed off right now.

My final thoughts:  AIG… go to hell.

You can read the MSN article on the subject here:   OBAMA SEEKING WAYS TO BLOCK AIG BONUSES