Posts Tagged ‘aig’

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the worthless bastard award

March 15, 2009

my freshman year of college we (somewhat lovingly) gave out the worthless bastard of the week award. this award was normally given to one of the guys on the floor when they did something stupid. it was done out of fun and everyone who received it took it in stride.

a showed me an article this afternoon that has prompted me to break out the award again. this time it’s not given in jest. it’s not funny. it’s not awarded lovingly. i am awarding this again because the recipient is, as proven by their actions this week, a worthless bastard.

and the award goes to [insert drum roll here]

…edward m. liddy, the government-appointed chairman of aig. this week aig revealed that they were contractually obligated to pay out $165 million in bonuses to executives within the company even thought they had to accept $170 billion from you and i just to stay afloat.  i know i’m not the only person who is incensed by this.  according to the nyt article, the agreements for the bonuses were agreed upon before all the poo hit the fan and that lawyers have looked at it and said that the company must pay out.  many average joe’s (not joe the plumber) are having their pay frozen or losing their jobs completely, but these bums who almost ran the company into the ground and helped cause this wonderful recession are raking in the cash that you and i paid for.

really, this isn’t all mr liddy’s fault.  there are so many more who he can accept this award on the behalf of, but as the head of the company, everything that happens under his watch is his responsibility.

congratulations mr. edward m. liddy.  you are this week’s worthless bastard.