AIG: There isn't much left to take

It seems to be clear now. We created a monster. Now that Mr. Food Boy is back home (and I don't have to protect the house anymore with my barking), I can turn my attention (and barking) to more national-level issues.

AIG -- can you give us all a break? We're struggling here. We give and you take and take and take even more.

I listened to the newscasts about AIG's plans to give some of its employees bonuses. The cost around $165 million made me a little sick to my stomach. The company has been labeled as too big to fail, but I like to call them too big for their britches.

My Mom was talking to the TV again on Sunday when the new broke. AIG told the Treasury Secretary Tim Geithner thanks for offering advice, but our lawyers override you. The AIG bigwig said there are contracts in place and the government can't do anything to stop the bonuses.

Well, Mom has been reading all over the Internet and the best point she found came from Robert Reich, former Secretary of Labor and a professor at Berkeley. He wrote a blog for http://www.huffingtonpost.com/. Reich said, "Had AIG gone into chapter 11 bankruptcy or been liquidated, as it would have without government aid, no bonuses would ever be paid; indeed, AIG's executives would have long ago been on the street." This man makes an excellent point. If I met him, I would give him a paw five.

The AIG bigwig also mentioned something about the bonuses help the company keep its talent. If this talent helped ruin AIG, which created a trickle effect throughout the economy, I say let them leave if they are upset. Financial institutions are hemorrhaging thousands of workers each week. Add all the fresh graduates and surely, some new ideas can be infused into the banking and insurance industry.

And, why is it that the Obama administration seems to have its hands tied in this case? Wasn't it just a few months ago, we the American people and dogs were promised that accountability would be in place and that executive compensation would be in check?

Apparently that plan fell through the cracks. AIG was offered another $30 billion a few weeks ago and now officials are working to add strings to the money. Strings should have been attached to the $30 billion before it was promised to the company.

I know I'm just a dog, but this all gets so confusing. I don't even understand why bonuses are being discussed by a company losing money. AIG reportedly lost billions in the last quarter of 2008. Why would anyone sign a contract with an employee to give him a bonus, if the employee's performance wasn't excellent?

Most companies, well at least those who operate in the black, don't give bonuses unless the company is performing well. I thought it was standard to have a bonus tied to performance -- a positive performance, not a negative one. I guess that's why I live on Main Street and not Wall Street.

I hope the folks running AIG will realize there is very little left for them to take from the American people. Patience is wearing thin.