AIG: Screwing the American People, AND WE LOVE IT
Who could have foreseen that AIG would defraud and rob the taxpayers THREE times. Yes three times they have robbed the taxpayers and yet still the federal government is powerless to stop them. Even more surprising is the fact that the stockholders are loving it even as they cry at the losses they endure while the executives bank millions into their private savings accounts.
The first time was when they created all those investment products that failed so badly and took the company to bankruptcy. That is when the owners (stockholders) should have screamed bloody murder and asked for the resignation of all the officers involved. Our government (the Bush Administration) failed to act or ignored the problem until it was too late.
Instead the owners (stockholders) of the company forgave the officers for their greed and just let things ride, business as usual. In fact the owners (stockholders) of AIG gave the executives a huge bonus for a job well done. So just how stupid are the owners (stockholders)? Who else but a stupid person rewards an employee for taking the company to the brink of bankruptcy?
The second time was when the company, while asking for taxpayer money (the bailout) spent hundreds of thousands on “employee retreats”. The owners (stockholders) again deferred judgment and let the officers of the company spend and spend without regard for the welfare of the owners (stockholders). Did the owners (stockholders) call for restraint in spending? NO, they again rewarded the executives with another round of bonuses. The logic here, according to the owners (stockholders), is that exceptional employees have to be rewarded in order to keep them. An exceptional employee is defined as an employee that can take the company to the brink of bankruptcy and then get a bunch of fools (congress) to reinvest in that same company.
And now for the third time, AIG executives have defrauded and robbed the owners (stockholders) by taking what the CEO calls a “retention” bonus. But the question here is: Why would anyone want to retain an executive that is not performing his job?
IF the executives were doing the job they are supposed to do then the company would not be in the financial predicament it is in. How is it that these incompetent employees cannot be fired?? Do the owners (stockholders) of AIG just not care.
I am now an owner of AIG through the stock purchased by the United States of America. As an owner (stockholder) I demand accountability!! You also should demand accountability. This is your money (profit) that is being spent. You need to ask yourself, how much money am I willing to give to someone that is not doing the job they were hired to do?
I know a couple of contractors that work much the same way AIG does. One contractor gives an estimate gets the job then half way through the job asks the project owner for two or three times the estimate. The owner by this time is so far into the project that he has to continue to give money to this deceptive contractor.
This is the same game AIG is playing the taxpayers for. We are so heavely invested into this bailout that we have to continue to pour money into these companies even though we see them throwing money away.
Our only hope is that we the owners (stockholders) get so fed up that we start a class action suit to change the leadership of this taxpayer owned business or at the least demand accountability.
Our first step is to organize a class action group. If you are outraged, fed up, tired of getting taxed just so the executives at these companies can get a multi-million dollar bonus then email me here firstname.lastname@example.org. Let’s not let these bastards get away with stealing our hard earned tax money.