My edition of Webster's defines obscene as, "offensive to accepted standards of decency." The AIG corporate logo should be next to the definition (IMHO). AIG has received $170 billion of US taxpayer money (yea -that's right, billion with a "B" - $170,000,000,000). AIG lost $61 billion during the 4th quarter 2008, the largest quarterly loss in US corporate history. AIG stock was $41.18/share on March 14, 2008. The stock price closed on March 13, 2009 at $0.50 (up 9¢ on the day).
Now here's the kicker - AIG is paying out $165 million in bonuses for 2008. According to the New York Times, "The bonuses will be paid to executives at A.I.G.’s financial products division, the unit that wrote trillions of dollars’ worth of credit-default swaps that protected investors from defaults on bonds backed in many cases by subprime mortgages.The bonus plan covers 400 employees, and the bonuses range from as little as $1,000 to as much as $6.5 million. Seven executives at the financial products unit were entitled to receive more than $3 million in bonuses." Apparently bonuses at AIG are not based on performance.
Even the kleptocrats running the US government should find this offensive.
As the Italian anti-fascist Gaetano Salvemini said about fascist economies, "Profit is private and individual. Loss is public and social." So Obama is not a socialist (as the Republicans are so fond of parroting), he is more of a quasi-fascist (just like his predecessor).
(HT: libertystickers.com)
Update: To keep things in perspective, the $165 million in bonuses is less than 0.1% of the $170 billion bailout of AIG.
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