1.4.09

Sink or swim

The new head of AIG says in the NY Times: “We cannot attract and retain the best and the brightest talent to lead and staff the A.I.G. businesses — which are now being operated principally on behalf of American taxpayers — if employees believe their compensation is subject to continued and arbitrary adjustment by the U.S. Treasury.” [Link]

In other words, his type of executives will leave to work for the highest bidder — the implication being that they have no loyalty to either AIG or to the taxpayer. They don’t really love their work — they just love the money and perks. They’re not even accepting bonuses based on performance! These guys don’t believe their own “market forces” bullshit when it comes to their pay — they expect a bonus no matter how bad they are at doing their jobs! Can I get a job like that?
David Byrne in journal.davidbyrne.com

LRO