Executive compensation is not the problem

By News on the Net —— Bio and Archives March 25, 2009

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Over the past weeks much uproar has occurred over the bonuses paid to AIG executives. $163,000, sounds like a lot of money. At this time the incompetents in the administration are giving away trillions of dollars. The bonuses in question are less than 0.017% of the problem.

We are in trouble because the banking industry sold the worthless mortgages to anyone who would buy them. When it became obvious that the mortgages were worthless the house of cards collapsed. The obvious solution is to put the offending AIG into bankruptcy and receivership. The uproar over bonuses is an attempt to justify nationalizing banking and other businesses. It is nothing but a blatant power grab by the Obama administration. Keith C. De Filippis San Jose, CA