Presumptions: Bloggers Pre-Report Backlash to $100M A.I.G. Bonuses
Apparently populism is predictable
After many protracted battles with pay czar Kenneth Feinberg, A.I.G. is handing out $100 million in bonuses Wednesday. Even before the news sinks in, bloggers are reporting widespread wrath among populists and verifiable anger in Sen. Charles Grassley (R-IA). Popular fury is by now apparently so self-evident that it can confidently be assumed.
- 'Expect to Hear Lots of Complaining,' writes Adam Raymond for New York Magazine. Also, he notes, "Just in case this doesn't piss Bonus Buster Andrew Cuomo off enough, A.I.G. will hand out more bonuses next month."
- 'A.I.G. = A.N.G.E.R.' Time's Mark Halperin informs readers. He declines to comment further.
- Virtuous AIG "They'd like everyone to be impressed that they reduced the bonus number by $20 million," points out Americablog's Chris Ryan. "Impressed?"
- Says Two Things, explains 24/7 Wall St.'s Douglas McIntyre, who as of this posting appears one of the few interested in actually analyzing the move. "The first is that managements at these banks are willing to defy the sentiments of the government and taxpayers by rewarding themselves for what they see as tremendous returns to their shareholders, the taxpayers be damned. The second is that banks may actually believe that if they do not take care of their best talent that these people will leave for hedge funds, private equity firms, or foreign banks."
This article is from the archive of our partner The Wire.