Sunday, March 29, 2009

AIG and Obama : "I like to know what I'm talking about before I speak."

Say what you want, but Obama is sharp. To the rather aggressive question by someone in the news media who is clearly not on Obama's side as to why it took Obama so long to express outrage at the AIG bonuses, Obama replied: "It took us a couple of days because I like to know what I'm talking about before I speak".

Hat tip to Disputing ("Conversations about Dispute Resoultion"), who were "surprised to learn that the standard AIG Employee Retention Plan (Bonus Contract) [as posted by The New York Times] contains no arbitration clauses."

Our comment to that is: If you are getting 30% of the business you write as a flat out cash bonus, who needs arbitration? Obviously, such - in our view - unconscionable contracts (unconscionable with respect to the shareholders) are not normality.

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