American International Group (AIG) is paying out over $165 million in executive bonuses after a history breaking quarter. The funny thing is this record breaking quarter was for the worst 4th quarter losses in Corporate History, a whopping $61.5 billion. President Barack Obama said it straight up that this is "recklessness and greed" coming at the worst time, especially for a company who is currently running off $175 billion worth of tax-payer subsided money. It just doesn't make sense how AIG executives and Derivative Traders warrant any bonuses. Damage control should be firing these "Executive Losers." This is why Wall Street is so hated by the majority of the public. The antics banks pull are inexcusable, especially in current times when the unemployment rate is sky rocketing to new found levels. The average joe has no idea why these executives are getting paid ridiculous amounts of money for failing over all cylinders. Everyday Americans around the country work hard, meet their responsibilities without the benefit of government bailouts and multimillion-dollar bonuses. So how come from Main Street to Wall Street we aren't all playing by the same rules? It was refreshing news to hear Barack Obama take a firm stance on this issue and make it a personal motive to reverse the lucrative bonuses. "How do they justify this outrage to the taxpayers who are keeping the company afloat," the president said. Noting that AIG has "received substantial sums" of federal aid from the federal government, Obama said he has asked Treasury Secretary Timothy Geithner "to use that leverage and pursue every legal avenue to block these bonuses and make the American taxpayers whole." "This isn't just a matter of dollars and cents," he added. "It's about our fundamental values." These $165 million in executive payouts went out Sunday night and it was part of a larger total payout of $450 million. The injustice they are doing is something that needs to be looked at. If anyone in the bank had true character they would decline any bonuses wanting the money to be re-invested within AIG to help bring the company back to its old state. With lenders still lagging behind compared to the resurgence among banks, there are many holes in which we could find to patch up. Lending is a critical process in ending the economic crisis and unless we can manage/control the lenders we will never see any form of economic success.
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