In the News (from Time Online):“Barack Obama attacks ‘outrage’ of AIG executive bonuses”AIG received some $173 billion in government bailout money and is now paying $165 million in employee bonuses. … Mr Obama said he had asked Timothy Geithner, the Treasury Secretary, to use the leverage the government had to pursue “every legal avenue” to push back against the bonus payments. The President said the bonus situation underscored the need for overall financial regulator reform and said the government needed “some form of resolution mechanism in dealing with troubled financial institutions, so we have greater authority to protect the American taxpayer and our financial system in cases such as this.”
My Comment: In the past, we couldn’t even image something like this happening. But actually, it is a step toward fairer distribution and a lesson for many of us about the new conditions that now exist in the world.
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