AIG is 85% taxpayer-owned at this point in time. As such, we want to make sure it is successful. Mostly because if it fails, we have no shot at getting back any part of the $160 BILLION in bailouts . . . but also because as shareholders, we want the value of the company to grow. What is a company? It is people and products. In the case of AIG, the value of the company is pretty dependent on the people. It is a financial services company. So, we need the people to stay and we need to help them be successful.
So . . . recall back to the AIG Bonus Issue when certain commentators (who shall remain nameless, but who's initials closely match mine) said that we need to pay the good people to stay. Now, read this from today . . .
NEW YORK (MarketWatch) -- The outcry over bonuses paid to executives of American International Group likely hurt taxpayers because the unwinding work of its financial products unit was set back by weeks, the unit's chief told The Wall Street Journal. In an interview in Monday's paper, Gerry Pasciucco said about 20 out of 370 staff left amid the controversy and remaining staff were so "stunned" that their work slowed down. The unit needs staff familiar with its portfolio to help maintain hedges on current trades, he said. Pasciucco added that the unit's trading partners were concerned about being dragged into the situation. Staff are worried that their pay could again come under political attack, said Pasciucco.
Remember, we own this company. Take out your anger on something else, people. We need them to be successful to get our money back.
Jim
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