Friday, March 27, 2009
AIG: The outrage is justified
|The entitlement of performance rewards at the cost of others on the part of AIG executives has sparked public and political outrage, for we as a nation have become highly sensitized to the excesses and financial recklessness that resulted in this quagmire. No longer will we stand by and watch silently as failed corporations distribute undeserved perks with the very public money meant to keep their operations afloat.
In the immensity of a corporation like AIG, morality has been lost to bureaucracy, hidden agendas and priorities that are utterly misplaced. AIG is not alone, as Merrill Lynch grossly distributed bonuses totaling $4 billion dollars to the very people responsible for the brokerage firm’s demise. As the nation watches in horror the overwhelming greed of these government-salvaged entities, we are awakened to the importance of upholding our integrity. It is vital for us to pay close attention to and preserve the interests of our shareholders, customers and employees. These are the people who, if treated well, will hold fast through this economic downturn and continue to maintain the business when it passes.
If a bright spot is to be found in this storm, may it be that both private and public sector spending, lending and borrowing will return to the values of moderation. It has been said that those who forget history are doomed to repeat it, and as such, my hope remains that this trying time will long be remembered for its lessons and morals.