Monday, March 16, 2009

"Sincerely, Mr. Brass Balls"

Here's the letter from AIG honcho Edward Liddy explaining to Geithner why it would be a bad thing not to reward employees with bonuses using money they don't really have.  I don't understand it either.  Here's the clincher:

"On the other hand we cannot attract and retain the best and brightest talent to lead and staff the AIG businesses-which are now operated principally on behalf of the American taxpayer-if employees believe their compensation is subject to continued and arbitrary adjustment by the 
U. S. Treasury."

I didn't make that up.   Is there really a word in english that adequtely captures the fucking gall of it?   To be clear much of this bonus money goes to the geniuses in the AIG Financial Products division. These'd be the very same invaluable talents that dealt in the very same credit defaults that put the company in the hands of the government to begin with.  

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