Friday, March 20, 2009

Still more on bonuses

This one from J.G. Thayer

It is imperative to note that Mr. Liddy was not even part of AIG when the ruinous decisions and actions were taken. He was retired when the federal government brought him in — for the annual salary of $1.00 — to try to keep the company from complete and utter collapse.

Had I been Mr. Liddy, I would have entered the hearing room with a single dollar bill in my shirt pocket. And when the lambasting got more than I could stand, I would state "I didn't seek this job, you sought me," return my salary, and walk out.

There are any number of points Liddy could have raised.

Had I been in that hot seat, I'd have started by pointing out the bonuses were legally contracted, and approved by Congress in the "stimulus" bill. If I'm expected to breach those legally binding contracts, what other laws do I have a Congressional mandate to violate?  Will I be guaranteed immunity?  Will such a guarantee be worth any more than the guarantee written in the "Stimulus" bill?

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