By Greg Farrell in New York
Published: November 26 2008
Financial Times
One day after announcing strict limits on salaries and bonuses for its top tier of executives, AIG revealed that some of those executives will receive millions in “retention bonuses” next year.
[apologies for missing this when it was first reported...]
Am I missing something?
A couple of what seem to me obvious questions present themselves:
1. Why do you want to retain the team that got you into the mess you're in?I know it's a lousy analogy, but there are a number of "successful" college football coaches losing their jobs at the end of this season due to recent poor performance - it doesn't matter that they have an overall winning record - this year and maybe last were not up to expectations. Time to get new blood!
2. Where are these guys going to find other jobs?
Why are financial geniuses different?
Why keep the same team? - Do corporate boards do anything???
Stop the madness!
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