A contract is a contract




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The AIG bonus "scandal" is driving me up a wall.  AIG had a contract with certain employees and is taking misguided political heat because they actually plan to honor their contract.  What choice do they have?

AIG may be the dumbest company in history.  They did not deserve their bailout.  And those employees might be the worst traders in the history of Wall Street.  But a deal is a deal.  A contract is binding, and it has to be kept.

Of course, Obama knows this.  This is all a game to him, and he is pandering for cheap political points.   He says that he did not know until this week about the bonuses.  I do not know where he has been.  I first heard about them three or four weeks ago.  The politicians that have jumped on the bandwagon are either incredibly ignorant or also just trying to score in the insipid sport of politics.

Is it fair? No.  But it is right.  And let's face it.  This is all about the size of those checks.  There are undoubtedly employees there making less than $100K who do not deserve their pay either.  But AIG has a legal obligation to pay them.  The same is true for the traders.

If AIG does not pay the bonuses, they are going to get sued and will have to pay then (probably double according to Connecticut law).  This is a no-brainer.



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