photo from theinsider.com
I’ve mentioned that it’s part of my job to read the business news everyday. Today, these two stories in particular are grinding my gears:
Citi CEO awarded US$10.8M in 2008
AIG bonus payouts an ‘outrage’: Obama
If you don’t have the time to read them, they both talk about companies who have taken portions of their bailouts to give C-levels nice bonuses (as in millions). Citi was actually the recipient of two bailouts because they were that financially “strained.”
These bailouts are tax payer dollars. The same tax payers that are getting their hours cut, or being laid off, or being expected to work more without a pay increase, still thankful they even have a job. What more is there to say? It’s wholly unacceptable.
Some contestant on CHUM FM won $6,500 today. I found myself unusally happy for the winner because she was just laid off yesterday. I imagined her using the money to pay off a few credit cards or keep her afloat until her EI kicks in. Then I come to work and read this nonsense.
This kind of mess is why business people need Arts degrees before they get their MBAs.
March 19, 2009 at 12:42 am
If you ask me AIG should hold back the bonuses and let some of their “best and brightest” go and maybe if AIG is lucky they will go work for the competition and lose them 61 Billion in 3 months.