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Re: Lawyesr Gone Wild and the Board of Directors was Where Exactly?
From: David Farber <dave () farber net>
Date: Tue, 17 Mar 2009 20:46:50 -0400



Begin forwarded message:

From: Seth <sethb () panix com>
Date: March 17, 2009 8:11:04 PM EDT
To: dave () farber net
Subject: Re: [IP] Lawyesr Gone Wild and the Board of Directors was Where Exactly?

A contracted payment of a specified amount isn't a bonus; it's part of
salary.  A bonus is paid based on results.

If the government played hardball and said "Part of the terms of AIG
getting the money is that all the executives agree to salary caps
while the government's money is still held by AIG" then it would seem
the employees have the choice of agreeing to the caps, or letting AIG
go bankrupt and not getting their bonuses anyway (and, in the latter
case, an argument could be made that they violated their fiscal
responsibility to shareholders, which would cost them a lot more than
this year's bonus).

Seth




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