Petition to Deny AIG Bonuses

Though the petition to deny AIG executives rights to retention payouts seems appropriate; there is a greater concern related to this agenda. If it is declared that government does not owe these executives anything, then regular employees will suffer the same fate.

This matter should be handled delicately. Since the taxpayers are paying the bill, executives should only expect what average employees receive. While they are not entitled to bonuses; they are entitled to severance pay and pension. It would be wrong to decline them what they are owed. Their wages were garnished and there is a dollar-per-dollar value. A nominal percent is fair.

Most companies are combining 401k and pension plans together. This puts all citizens at risk of losing everything, if stock prices fall. It was awesome finding out executives were entitled to approximately $4 billion, while average employees were entitled to approximately $92 thousand. This is how the total amount of the retention payout reached $160 billion.

Company Executives make larger salaries; however, they also have larger expenses. They invested more money in 401k plans and pay higher taxes. Perhaps they were going to send their children to expensive schools and purchase essentials that seem exorbitant to most people. They went to college for many years. Combined generations elevated their family's status. We should not decline their rights, because they are wealthy.

The owners of the company are at risk of losing their company and have to sell off any nonessential property to pay off debts. They could also lose their business. This is their livelihood, and family's dream of future success. The main factor is protecting a way of life. It would be awful working to become wealthy only to lose it all. People may complain, because they have not made it yet; however, making unfair laws makes it retaining wealth complicate.

Employees are going to need assistance until securing another job. As the insurance business is shrinking; they need help. They must edge out competition or find a new career path.

Maintaining equality is essential to avoiding disaster. However, giving bonuses to people who let their company down is wrong. My Grandmother was a faithful AIG customer for several years. She helped purchase a car for my cousin. My cousin bought insurance through another company. For several months the broker said the car was no longer attached to her policy. Every month she received a bill for an additional car. She canceled the plan and went with another company. After canceling policy they renewed her agreement without permission and after she canceled service. The executives are responsible for this gross misconduct. Whether the databases needed to be updated, employee policies were too relaxed or employee policies were exorbitant, they lost a customer.

AIG agreed to these contracts; however, the taxpayer did not concede. Therefore, retention payouts must be renegotiated so both parties are satisfied. If their idea of rescuing the company was to go to the taxpayer; they have failed in recognizing successful business strategies again.

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