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Why do I keep beating the AIG issue
From: David Farber <dave () farber net>
Date: Sun, 22 Mar 2009 15:49:32 -0400



Begin forwarded message:

From: SJ Manning <sjmanning () fymc com>
Date: March 22, 2009 3:13:34 PM EDT
To: dave () farber net
Subject: Re: [IP] Why do I keep beating the IG issue
Reply-To: sjmanning () fymc com

Hello Dave.
For IP if you wish.

I have consumed much of what the "professional" talking heads in and out of government have written and voiced on the AIG bonus matter, including the embarrassing Congressional hearing. Entirely too much righteous indignation by foxes in the chicken coup. It is a genuine intellectual perversion that the most innocent person involved in the hearings might have been the new head of AIG.

I also read everything contributed by the IP constituency.

IP-ers vs. talking heads. An interesting comparison between substance and form, quality and just quantity/volume for the sake of new/face/air time.

I am inclined to send a factual outline of what IP-ers wrote and held as relevant, to some of the most vociferous talking heads referenced herein. Just to give those talking heads an empirical yardstick on their relevance.

Thanks.

Steve.

David Farber wrote:

First I think it is critical to the economic health of the nation that we understand how the financial operation (racket) works. Enron and Worldcom and others should have educated us but , as most things in the USA, it faded with tomorrows headlines. A major cause of the Enron mess was the bonus system which rewarded deal making -- be it bad or good in the long run. I have no objections to bonuses based on real performance over the lifetime of the effort -- after all that is what stock options are intended to do. I do personally object to the take the bonus and run mentality that leave others -- like the tax payers to pick up the pieces.

The IP list seems to reflect the whole spectrum of the public emotions but better articulated that most of the press.

Dave




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