Saturday, March 28, 2009

Letter to the Editor

Connecticut Post Online
March 23
To the Editor:

The argument that AIG has no right to award such excessive bonuses because they were bailed out with taxpayer money is flawed and hypocritical. Sure, the bonus system at AIG and companies like it require a major overhaul, but the concept of "corporate bonuses" is still a necessary and integral part of capitalism. If you perform well and make the company money, you will be rewarded, in the hopes that you will continue your work and remain loyal to the establishment.
Alex Rodriguez of the New York Yankees gets paid millions of dollars to hit a ball. It upsets many accountants who work much harder, but it's America. A-Rod's incredible marketing power justifies his salary.

Taxpayers should not be arguing against bonuses. On the contrary, they should be arguing for them. As taxpayers, we all want AIG to succeed and begin turning a profit so it could pay us back for the bailout we provided them. AIG is not going to succeed overnight, nor will they succeed with an unmotivated management.

Ralph Stein


Anonymous said...

I recommend Robert Nozick's treatment (in his brilliant "Anarchy, State and Utopia") of Wilt Chamberlain's salary. (pp. 160-164) Nozick destroys Rawls's theory of state collective action and distributive justice.

Bronx Baseball Daily said...

Those huge bonuses really helped AIG in the past, right?