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Published Letters: 201
Editor's Choice: 37
I've used his book on Italy and saved a lot of money just by using the public transportation systems in Rome and Venice.
As someone who's actually lived abroad for several years, his outlook is totally refreshing. I didn't know about his trip to Iran but I remember watching the show on Israel and was surprised he delved into the political situation there--not criticizing, just surprised, because most travel shows stay as far away as possible from talking about that for fear of scaring middle Americans from foreign travel. I've gained a lot more respect for him after reading this.
I understand your concerns, but let's look at this from the POV of a stockholder. Why on earth should any employee of a TARP-bailed bank get *any* bonus at all?? Frankly, they're lucky they have a job. As a taxpayer/shareholder, my tax dollars just bought equity in that bank, and as a shareeholder by right I have input (or should, if my tax dollars bought the bank's stock) into the compensation structure.
Bonuses should be a reward for exceptional performance and corporate growth. The reason my investment dollars went to that bank in the first place was because they were *failing*, that is, the stock price tanked, the company was devalued and is all but worthless. Jobs are being slashed by the tens of thousands at banks.
So tell me why some teller should get a bonus before I get a dividend?
because most people here are ready to punish anyone making more money than them. That, from the tone of the letters here, seems to be the common thread. Never mind that from preschool we have been informed that we live in a capitalist, free market society where some people are rich and many are poor, and that it is possible for a poor man to become a rich man with work and talent; anybody who actually performs highly compensated work that you or I don't know how to do must be demonized.
The top executives at AIG make about the same as the top execs at New York Life, although I don't think the bonus structure is comparable for the working producers. Only one of these companies is being vilified now, because its leadership drove the company into the ground and went begging for bailout money after making bad decisions for years on end. NYL, on the other hand, made good decisions and posted a dividend for their policyholders last year, and rejected an offer of TARP money. Should the people at NYL, who foresaw the danger the credit default swaps posed, be tarred with the same brush? Should their workers and agents, who warned of the danger for two years, be denied their compensation? If you truly believe in a fair market system, the answer has to be no.
I don't know this AIG guy, but I wouldn't doubt his story. The leadership at AIG lied to Congress, Paulsen, Geithner, and us; why wouldn't they lie to the workers they need to stay to try to become profitable again? And if he has $740,000 to donate to charity, more power to him. Our country needs people with a conscience like him. Yeah, he's comfortable, and you're not. Deal with it. You chose your major in school, your career, knowing how much you could make. If you don't like that your $50,000 salary might be taken away because of layoffs, go work for yourself. This isn't North Korea where your career is chosen for you.