Benefield to Casey: Stop Rewarding Failure

I received an email from my Senator, Bob Casey, with the subject “Casey to AIG: Do the Right Thing“, in which he asked for constituents to submit their thoughts.  Big mistake.  Here is my response:

Sen. Casey,

In your letter to AIG you write, “I find it inconceivable that these bonuses could be warranted based on any fair or rational metric of executive performance.”

I disagree – these bonuses are clearly warranted.  AIG executives effectively persuaded the sharpest and most rationale economic minds in the country – the US Congress – to give them $170 billion with no strings attached to reward their past failures.  This accomplishment is deserving of reward.

You also write, “The taxpayers cannot trust those who profit from their own poor decisions to effectively turn around the company.”

I heartily agree.  Of course, I agreed with this statement several months ago – which is why I did not support bailing out AIG.

Finally, you continually point out that taxpayers are now the owners of AIG.  As a taxpayer/part-owner, I would like to sell my shares of stock.  Please let me know how I can do so.