Iowa's own Senator Grassley has suggested that AIG executives resign or commit suicide. While he has admitted that he didn't expect nor wanted the execs to actually kill themselves, he did say, "From my standpoint, it's irresponsible for corporations to give bonuses at this time when they're sucking the tit of the taxpayer." I suspect for most of the country those are vulgar words. But here in rural Iowa, we know that it is a barnyard reference.
Senator Grassley certainly isn't alone in his disgust about the actions of AIG. How can executives who have nearly bankrupt a company deserve bonuses? And how can executives of a company who accepted billions of dollars of taxpayer money rationalize paying themselves using taxpayer money?
I don't have answers to those questions, but I'm convinced that all angst towards AIG is misplaced. Sure I'm not happy with the fact that these bonuses were paid, but don't blame the execs. They had a legal contract.
If anyone wants to be upset about this, they should be upset with Congress who bailed AIG out in the first place. Had Congress allowed the free market enterprise system to work, AIG would have gone under and the executives who ran it into the ground laid off and thereby would not have received the bonuses. Instead, they had to come to the rescue and spend billions of our children and grandchildren's money. And what has enslaving our children done for us? Nothing!
Before Congress starts pointing fingers at AIG, they better remember that when you point a finger three point back. But then, that would mean that they would have to admit that the bailout plan which none of them read was a mistake. Thy aren't likely to do that.