According to Yahoo News, troubled financial group AIG is reportedly giving out millions of dollars out in bonuses to its employees. This is after the group has received massive bailout money from the US government.
"After pumping some 150 billion dollars into the crippled insurance giant, the US government earlier this month unveiled an additional rescue plan worth 30 billion dollars."
That's hell a lot of money spent on rescuing AIG and now they are spending it all on bonuses. See below quote:
"Bonus payments to thousands of employees totaling "in the hundreds of millions of dollars" are to be given out, the daily reported."
The damn stupid firm already reported huge losses and it is throwing out money again. See how much losses it incurred:
"For the fourth quarter, AIG announced a loss of 61.7 billion dollars -- the biggest ever for a US firm in one quarter -- pushing up its net loss for 2008 to 99.3 billion dollars."
American International Group CEO Edward Liddy deserved to be sacked for allowing such a misappropriate HR measure to be approved. So the whole world is going into a limbo just because he don't want to risk the mass exodus of senior employees leaving the company.
Well those senior employees don't deserve the money if they can't act in the best interests of their clients. The clients are leeched dry of their money while all these senior employees could possibly be enjoying their high-flying lives at their expense.
AIG don't deserve to be rescued and the US government should buy it out and turn it into a state-owned firm to stem in the losses. AIG is indeed a huge shame in the financial industry and there are possibly more firms doing the same thing. Such a financial crisis has never occurred before on a large scale that threatens the global economy.
What on earth are those stinking Americans thinking? Money to fatten their pockets? Aren't they rich enough as compared to the rest of the world? Why do they want more money? Human beings are very greedy creatures. Enough is never enough.
Oh well. It can't be help. I am also greedy, though not to the American's extent. Living within one's means is very important to ensure that one don't fall into debts unwittingly.
How the US government is going to sort out this AIG mess is still a big question. Surely they can't be pumping in more money into the firm? How much money is actually needed to prevent the collapse? If it collapse, does the rest of the world dies? Maybe. I don't know but it sure seems like a big deal to keep it surviving.
If that's the case, they better stop wasting money and start to keep its money rather than earning. I suppose we will not see the end of this economic crisis any time soon. The impact could possibly be felt for years before things will get better. If that day will ever comes.
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