Wednesday, September 17, 2008

Vent: Not To Get All Political

Ok, this totally has nothing to do with knitting, crochet, or puppies, but I'm soooo annoyed I'm crosseyed, and I just have to get it out.
What really pisses me off about the current crisis on Wall Street is that all the old, rich, white guys who drove these companies into the ground are probably going to receive million or billion dollar severance packages, even though they obviously didn't do their jobs properly. I mean, besides say professional baseball, in what other situation can someone perform so very poorly and still make tons of money?
A New York Times article about the AIG situation says:
Under the terms of his employment contract with A.I.G., Mr. Willumstad could receive an exit package worth as much as $8.7 million if his removal is determined to be “without cause,” according to an analysis by James F. Reda and Associates.
Well, somebody had better find a "cause." In fact, although it might not help, I'm going to go send my congressman an e-mail.
After all, I own 80% of AIG now, I should get a say in how its budget is applied.

Ok, here's the letter I wrote. Maybe not terribly eloquent, but I think it gets my point across.
Feel free to borrow it, adjust with your own thoughts:
Dear Senator/Congressman [fill in their name]:
I understand the financial markets are very complex and the government is doing its best to stabilize Wall Street through the recent bail outs of Freddie Mac, Fannie Mae, and now AIG.
However I'm very concerned by the potential for the former leaders of these companies to receive million dollar severance packages despite their obvious failure to properly perform their jobs.
Considering my tax dollars are now at risk, and it will probably be my tax dollars lining their pockets, I don't believe these severance packages are justified.
Please look into making sure these people are terminated "with cause" under the terms of their contracts so they are not rewarded for their mistakes. We are already cleaning up their mess, we shouldn't have to pay for their vacation as well.
Thank you.
You can find the contact forms for your Senators and Congressmen by following the appropriate links off this page.

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