Bonus Madness and AIG

[mathpol]

From an article in today’s Washington Post:

“Fed officials also hope to keep current employees with . The senior executives whose decisions caused the company's collapse are long gone. Most of those left behind are trying to unwind complicated derivative contracts. Completing that process correctly is essential to preserving as much value as possible for taxpayers, officials at both the government and AIG have argued. If it is mishandled, it could expose taxpayers to billions of dollars in additional losses.”

The “madness” I refer to is the fury of the people wanting the bonuses rescinded. Hey, this is (was) capitalism. People get rewarded handsomely, and when not properly regulated they may engage in risky financial activity which sometimes blows up in their (and now our) faces.

The staff at the AIG division that promoted these derivative contracts are now trying to unwind the damage that was done. Why should they be made scapegoats? Why should foot soldiers be blamed for an army run amok? They make a convenient target, but our wrath should be directed elsewhere. starting with Alan Greenspan and working down..

[JTFrog]

1. Oh For Fuck's Sake. You're gonna stand up for these fuckers?

Run out of wars and racists to defend?

:eyes: