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Neal,<br> <br> I'm sorry that I haven't been able to listen to your show as much as I normally would, but we're getting used to a newborn in our house. I did want to weigh in on the AIG bonus issue. <br> <br> I must say, I agree with you. If contracts stipulate that compensation must be paid in that manner, then it must be paid. If someone in the Obama administration wants to make a serious change to this practice, instead of just grandstanding for the angry masses in order to further scratch their weak little itches, then this is the change to enact. <br> <br> If a company wrecks their performance to the point that they need to beg for a bailout from the people of the United States, then a set of procedures should be commenced. Now, it will be the choice of the company requesting the bailout to accept the conditions or not, but it would be the only way to get the money. If you want the bailout, the following conditions would be put in place;<br> 1. The company would immediately be granted bankruptcy protection and conditions. All contracts, by agreement, would become null and void. All contracts, from CEO to all union contracts would be trashed. If you want a ladder out of the gutter, then you're going to have to put down your pride and climb with both hands.<br> 2. The United States government would immediately own 51% of the company, but, realizing the almost total lack of business experience present among bureaucrats and elected leaders, the government would have no business oversight and would have no input on day-to-day business decisions.<br> 3. All of the bailout money would have to be repaid, plus a 20% premium, before any new contracts could be entered into by the company, either union or executive compensation.<br> <br> We have to make it a stigma to come to the people of the United States and beg for money. We cannot make it a loan between buddies with a wink and a nod and no mention of payback or interest. It has to be two things when you come begging, an admission that you have run your business in the ground, and, an attitude of contrition that you are asking for the money paid by the sweat and blood of your fellow citizens to keep you business afloat.
By Howard
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