Looks like the top dogs from AIG (AIG) read the political landscape correctly. Nine of the top 10, and 15 of the top 20 executives decided to do the smart thing and give back their bonuses.
It’s not charity, mind you. They knew one way or another, they weren’t keeping those bonuses.
I’ve been thinking a lot about how the public perceives Wall Street, big business, and their interactions with the government. For the economy to turn, people need to have some confidence in those bureaucracies that and institutions that affect their lives.
This baby step is actually an important part of the healing process. The average person wants to see some kind of sacrifice coming from those in power, even if we all know it’s moot. These guys were not and will never be in the poorhouse, and considering their inside view of the financial markets, they most likely weren’t putting their own money in wacky MBS securities to squeeze out an extra quarter point of yield.
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