The Difference between AIG Small Businesses
The Difference between AIG Small Businesses
Last week, AIG Chairman Edward Liddy announced that the struggling insurance & financial services company will pay out $165 million in “retention” bonuses to executives as part of a contractual agreement. This announcement comes on the heels of yet another loan by the federal government, bringing the total bailout to just under $180 billion given to AIG in the last 6-8 months.
In defending the payments, Chairman Liddy stated: “We cannot attract the best and brightest talent to lead and staff the AIG businesses…if employees believe their compensation is subject to continued and arbitrary adjustment.” He added that AIG was contractually obligated to make the payments and would face a mountain of lawsuits if they didn’t do so.
What Chairman Liddy failed to point out is that these “best & brightest” lost approximately $60 billion in the 4th quarter alone last year. No typo there—that was Billion—with a “b”. The same people who should have been tossed to the curb for the largest quarterly loss by any company in U.S. history are instead sharing $165 million of our hard-earned tax dollars.
The backlash by the American people has been loud, harsh and consistent. Personally, I hope this is the straw that breaks the camel’s back. I would rather see the government order AIG not to make the payments and have these executives sue the company. At least then we’d get to see their faces and have pictures to post on bulletin (dart) boards at unemployment offices. In addition, where are these financial wizards going if they pack up their AIG bags? Did the company really need to offer them $165 million in “retention” bonuses?
We can’t just blame the greedy executives at AIG. Heck, all they did was figure out a way to beat the system. More of the blame should fall on the oversight committee that missed the contractual agreement while going through AIG’s report BEFORE they started lending the company all this money. Someone did go through their books…yes? Someone had to know that these contractual payments were coming due, didn’t they? And, if someone knew this time bomb was ticking, why weren’t these contracts voided before the first dollar was given to AIG?
Why am I so angry? Well, apparently, when you’re a small business and lose $100,000 in one quarter, that’s your problem. But if you’re AIG and you lose $60 billion in the same quarter, it’s the government’s problem.
The Difference between AIG Small Businesses - To learn more about this author, visit Brian Moran's Website.
Like this article? Share it with your friends
"If you owe the bank $100, that’s your problem. If you owe the bank $100 million, that’s the bank’s problem.” ~ J.P. Getty
Last week, AIG Chairman Edward Liddy announced that the struggling insurance & financial services company will pay out $165 million in “retention” bonuses to executives as part of a contractual agreement. This announcement comes on the heels of yet another loan by the federal government, bringing the total bailout to just under $180 billion given to AIG in the last 6-8 months.
In defending the payments, Chairman Liddy stated: “We cannot attract the best and brightest talent to lead and staff the AIG businesses…if employees believe their compensation is subject to continued and arbitrary adjustment.” He added that AIG was contractually obligated to make the payments and would face a mountain of lawsuits if they didn’t do so.
What Chairman Liddy failed to point out is that these “best & brightest” lost approximately $60 billion in the 4th quarter alone last year. No typo there—that was Billion—with a “b”. The same people who should have been tossed to the curb for the largest quarterly loss by any company in U.S. history are instead sharing $165 million of our hard-earned tax dollars.
The backlash by the American people has been loud, harsh and consistent. Personally, I hope this is the straw that breaks the camel’s back. I would rather see the government order AIG not to make the payments and have these executives sue the company. At least then we’d get to see their faces and have pictures to post on bulletin (dart) boards at unemployment offices. In addition, where are these financial wizards going if they pack up their AIG bags? Did the company really need to offer them $165 million in “retention” bonuses?
We can’t just blame the greedy executives at AIG. Heck, all they did was figure out a way to beat the system. More of the blame should fall on the oversight committee that missed the contractual agreement while going through AIG’s report BEFORE they started lending the company all this money. Someone did go through their books…yes? Someone had to know that these contractual payments were coming due, didn’t they? And, if someone knew this time bomb was ticking, why weren’t these contracts voided before the first dollar was given to AIG?
Why am I so angry? Well, apparently, when you’re a small business and lose $100,000 in one quarter, that’s your problem. But if you’re AIG and you lose $60 billion in the same quarter, it’s the government’s problem.
The Difference between AIG Small Businesses - To learn more about this author, visit Brian Moran's Website.
Like this article? Share it with your friends
 | |
 |
No article feedback found. |
| |
Leave Your Feedback |
 | |
| |||
Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
|||
John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
|||
Staging DivaDebra Gould, aka The Staging Diva®, is President of Six Elements Inc., an internationally recognized home staging company. Inspired by many requests from aspiring home stagers wanting to start similar businesses, Gould created the Staging Diva Home Staging Business Training Program. Gould has trained over 1000 Staging Diva Graduates worldwide to start staging businesses. Buying decorating and selling six of her own homes in four years lead to an interest in real estate staging which she turned into a career with the launch of sixelements.com in 2002. Since then she has staged hundreds of homes in addition to teaching home staging training. Gould is the author of several home staging resources including a series of popular ebooks made up of a Design Guide, Color Guide and Portfolio Guide. For more information about Debra Gould visit stagingdiva.com. - Visit Staging Diva's Website |
|||
Casey GollanCasey Gollan, Business Coaching & Mentoring Programs. Add $1 Million to $10 Million in the next 1 to 3 years. Since 1996 Casey has to added hundreds of millions of dollars to businesses. Watch a free video see client results Business Coaching website. - Visit Casey Gollan's Website |
|||
Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
|||
John AlexanderJohn has taught keyword research and SEO skills to small groups of business owners and Webmasters from over 80 different countries world wide since 2002. John is also the Director of Search Engine Academy ; Co-director of Training at Search Engine Workshops offering live, SEO Workshops with his partner SEO educator Robin Nobles, author of the very first comprehensive online search engine marketing courses at SEO Training Online and the SEO Workshop Resource Center. I look forward to hearing from you! - Visit John Alexander's Website |
|||
Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
|||
Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
|||
|
To learn more about the Evan Elite Author Program please contact us. | |||
 | |
|  |
Subscribe to Brian's articles
 | |
|
|  |
 | |
|
| |
 | |||||||
|
 | ||
 |
||
 |
||
 |
||
|
| ||
 |
| Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details. |
|
|
 |
| Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media |
|
|
 |
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"
Click Here To Learn More |
|
|
|
|
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
|
|
|
 The Art Of Networking New Sales Leadership Paradigm Instant Yellow Pages Leadership Audit For Business Tips For Less Stress |
|
 | ||
 |
Top 50 Debt Blogs
Learn To Get Out Of Debt | |
 |
Top 50 Productivity Blogs
Top Blogs To Watch In 2009 | |
| ||
 | ||||
| ||||
|
| ||||
| ||||
|
|
|
|
|
||||||||||||
|
Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
|
|
|
