No one would confuse me as a financial genius in my life. But somehow, I think I would understand the difference between "bonuses" and "compensation". This current mess at AIG is not totally surprising. After all, the media has characterized the company as greedy and selfish. Why are all of us surprised that these "bonuses" are being paid?
I do feel a bit bad for Mr. Liddy the CEO as this was all agreed to before he came on board. Imagine having taken the helm during this firestorm. Not fun! But I do feel that now that he is, he needs to find other lawyers for the company, not too mention Sr. Executives. Certainly, in the world of finance there are other "qualified" people. Because these people are unbelievable. If I understand the press correctly, this was done because they were really concerned that they would "lose their best people". Okay, reality check... you needed a $170 billion dollar federal buyot. What makes you think you have the best people?
I understand the concern about shortages of qualified people. As a Clinical Nurse Educator, I see the effects of the nursing shortage daily. But I have to say, that despite this, we as professionals are not willing to hire and maintain people unable to perform to a standard, in my neck of the woods. If we did, people could be hurt. How is the business AIG is in any different?
Now we have a very large company who the government deemed important to save. I am also upset with lawmakers for just handing out that kind of cash without further investigation as to how the company got there in the first place, and how the money would be used. Further, I think any further bailouts for any company should be accompanied with serious strings attached. Any "bonuses" should be under review in a company receiving federal aid and prevented or barred from paying if it would require federal dollars to pay. If the current laws do not support this, well, they are the lawmakers for crying out loud...write new law.
Again, I would never be confused as a burgeoning or experienced economist, but someone somewhere needs to make more sense then there is right now. I have no idea how much each individual is getting as a bonus, whether it's a few thousand or multi-millions. If I understand the press correctly, the bonuses are being paid to approximately 450 financial product division personnel. There has already been $450 million dollars in bonuses given out, $165 million additional due this past Sunday. The base salary for a lot of these folks is $270,000 according the media. Doesn't sound like anyone in this bunch can cry about being poor. As for the suggestion that if they take the bonuses they make a choice between keeping their job or not, ... well let's see... Assuming that I would be facing a choice between multiple millions vs. my $270,000 salary..I'm thinking take the bonus and get out. Apparently no one in a position to get a bonus such as this thinks more about their work than they do about their pocket, if you believe the press.
I say, start fresh. Do what we can to stop the bonuses, for those that we can't stop, review performance and fire as needed. Find new blood and get it in there. Change the paradigm of the company to include a different management philosophy that includes accountability, altruism, and sound financial decision-making, and rewards based on that, not on the fear of losing "good" people, and actually find good people!
Tuesday, March 17, 2009
Sunday, March 15, 2009
New year, New Look - Long post
Well, here we are staunchly into 2009, and I realized that I have not posted a blog in a loooooong time! I simply must get rolling again.
My Aunt (who lives with me now) and I had yet another opportunity to contemplate the benefits of home ownership at the beginning of this month. I came home after attending a Skin conference in Arlington, VA on the 27th of February, only to find my entire Apartment complex in a complete lockdown. I didn't realize it at first simply because the usual exit I take off of 29 North seemed to be blocked with what I initially assumed was a car accident at the corner where I normally turn off. This is not totally unusual for this stretch of the road, so I didn't think much about it and elected to get off at the next exit and go into the other entrance. Well, I got off the exit to find that the gate was locked and cars were parked with their hazards on outside. This is highly unusual, so I started to get concerned. I called my Aunt and asked her what was going on. She told me that the complex is apparently on lockdown because a young girl was on the roof of one of the buildings threatening to jump.
We live in a complex with three 20-story buildings. There are over 3,000 people who live here. And, if you have ever lived in the Washington, DC metro you know how bad the commuting traffic can be. It was already 5:30PM, and no way into the complex to park, and no one directing anyone about anything. Although, Montgomery County Police were there. I could tell at the outset, this was going to be a "lovely" experience. I got into the "queue" of cars going down our street. I have put quotations around queue because it appeared for quite sometime that we actually were in a queue. However, after about an hour and about 50 feet's worth of progress to check it out. So I parked, put hazards on and went to check with the Police Officer standing at one of the entrances. He informed me that no vehicular traffic was allowed on the property. When queried, he gave me no further information as to why. I asked if my disabled Aunt was at any risk inside the complex and he actually stated "Only if she doesn't come outside". When I asked him what that meant, thinking with this that perhaps the girl had a weapon of some sort, he declined to answer. I protested at this. He basically told me to go park my car and walk in on foot, but once in I couldn't come out until it was over. I asked to speak to a shift commander since I really didn't like the attitude and lack of information. He referred me to Montgomery County 3rd District to speak with someone there. I went back to my car and called. Naturally, I discovered that there was no Supervisor there at all. There was also no Public information officer or anyone there I could address my concerns to. In fact in response to one of my queries I was told "It will end with her jumping, or not". To her credit, she was very polite and apologetic. I gave her the picture of what was happening outside the gate and encouraged her to let someone in command know that they literally now had hundreds of people outside the gates all around the block and I am sure they would be an angry mob if no one did anything to alleviate it, or give any information, or come up with a plan better than "go park your car, and walk in".
So, I parked my car hoping that it would not become one of those reported in the www.crimereports.com as a larceny, or as an assault as I had to go back out and down to VA early in the AM. By the time I got all the way to the one gate that was open, there were a lot of disgruntled people. I asked another officer about the situation, and he was very polite...he informed me he was helping from the Park Police. While we were talking a Police Sergeant from Montgomery County barged in and started asking/telling him how and who could drive in. She mentioned about being sure they didn't go beyond a certain point. I tried to let her know that if they wanted to be sure who was allowed in they could check the stickers on the cars, and those of us with a garage spot would have tags on the rearviews. Instead, she just yelled at me and pulled the Officer to the side. They decided that those living in my area could drive in. So I made the trek back to my car, and went to park it in the garage. He let me in, and I finally made it in the door 2 hours after my arrival.
I have decided that this event really requires a letter to the Chief of Police with Montgomery County, the Management, and our locally elected official. I have not in this posting included all the details (by now I am sure you are thanking your lucky stars) but it is a synopsis. There are many questions I have about the failure to plan for the return of so many residents, the lack of information available to the public, and the behavior displayed by the Officers. It is my understanding that all persons including the entire management team, were held in the building and not allowed to leave once the incident began at about 11:30AM. It didn't end until sometime about 10:00 PM. I've heard the excuse was that they didn't want people taunting the girl on the roof. The Management team is going to taunt her, right. Give me a break.
I have real questions about the authority of the Police in a situation like this to come on to private property and impose martial law. I understand the need to limit traffic and problems at the site of the incident. However, I do expect that in a time of crisis like this that better planning and support should occur for the community. It's not like they didn't have several hours before people would have been returning home, and to prepare for it, and coordinate support. Just the night before there was an Officer injured just up the road and we counted over 30 police cars responding. When I was outside, there were only 3 marked cars that I could see. In this area of the country where we do see large scale incidents fairly often, I certainly expected the response of the Montgomery County Police to be better than it was.
As a footnote, the girl was successfully talked down off the roof (the most important thing) and is receiving the help she needs. What we also discovered is that the girl didn't even live here, and she got into the supposedly secure building and managed to make it to the roof. But that might be a story for another day.
My Aunt (who lives with me now) and I had yet another opportunity to contemplate the benefits of home ownership at the beginning of this month. I came home after attending a Skin conference in Arlington, VA on the 27th of February, only to find my entire Apartment complex in a complete lockdown. I didn't realize it at first simply because the usual exit I take off of 29 North seemed to be blocked with what I initially assumed was a car accident at the corner where I normally turn off. This is not totally unusual for this stretch of the road, so I didn't think much about it and elected to get off at the next exit and go into the other entrance. Well, I got off the exit to find that the gate was locked and cars were parked with their hazards on outside. This is highly unusual, so I started to get concerned. I called my Aunt and asked her what was going on. She told me that the complex is apparently on lockdown because a young girl was on the roof of one of the buildings threatening to jump.
We live in a complex with three 20-story buildings. There are over 3,000 people who live here. And, if you have ever lived in the Washington, DC metro you know how bad the commuting traffic can be. It was already 5:30PM, and no way into the complex to park, and no one directing anyone about anything. Although, Montgomery County Police were there. I could tell at the outset, this was going to be a "lovely" experience. I got into the "queue" of cars going down our street. I have put quotations around queue because it appeared for quite sometime that we actually were in a queue. However, after about an hour and about 50 feet's worth of progress to check it out. So I parked, put hazards on and went to check with the Police Officer standing at one of the entrances. He informed me that no vehicular traffic was allowed on the property. When queried, he gave me no further information as to why. I asked if my disabled Aunt was at any risk inside the complex and he actually stated "Only if she doesn't come outside". When I asked him what that meant, thinking with this that perhaps the girl had a weapon of some sort, he declined to answer. I protested at this. He basically told me to go park my car and walk in on foot, but once in I couldn't come out until it was over. I asked to speak to a shift commander since I really didn't like the attitude and lack of information. He referred me to Montgomery County 3rd District to speak with someone there. I went back to my car and called. Naturally, I discovered that there was no Supervisor there at all. There was also no Public information officer or anyone there I could address my concerns to. In fact in response to one of my queries I was told "It will end with her jumping, or not". To her credit, she was very polite and apologetic. I gave her the picture of what was happening outside the gate and encouraged her to let someone in command know that they literally now had hundreds of people outside the gates all around the block and I am sure they would be an angry mob if no one did anything to alleviate it, or give any information, or come up with a plan better than "go park your car, and walk in".
So, I parked my car hoping that it would not become one of those reported in the www.crimereports.com as a larceny, or as an assault as I had to go back out and down to VA early in the AM. By the time I got all the way to the one gate that was open, there were a lot of disgruntled people. I asked another officer about the situation, and he was very polite...he informed me he was helping from the Park Police. While we were talking a Police Sergeant from Montgomery County barged in and started asking/telling him how and who could drive in. She mentioned about being sure they didn't go beyond a certain point. I tried to let her know that if they wanted to be sure who was allowed in they could check the stickers on the cars, and those of us with a garage spot would have tags on the rearviews. Instead, she just yelled at me and pulled the Officer to the side. They decided that those living in my area could drive in. So I made the trek back to my car, and went to park it in the garage. He let me in, and I finally made it in the door 2 hours after my arrival.
I have decided that this event really requires a letter to the Chief of Police with Montgomery County, the Management, and our locally elected official. I have not in this posting included all the details (by now I am sure you are thanking your lucky stars) but it is a synopsis. There are many questions I have about the failure to plan for the return of so many residents, the lack of information available to the public, and the behavior displayed by the Officers. It is my understanding that all persons including the entire management team, were held in the building and not allowed to leave once the incident began at about 11:30AM. It didn't end until sometime about 10:00 PM. I've heard the excuse was that they didn't want people taunting the girl on the roof. The Management team is going to taunt her, right. Give me a break.
I have real questions about the authority of the Police in a situation like this to come on to private property and impose martial law. I understand the need to limit traffic and problems at the site of the incident. However, I do expect that in a time of crisis like this that better planning and support should occur for the community. It's not like they didn't have several hours before people would have been returning home, and to prepare for it, and coordinate support. Just the night before there was an Officer injured just up the road and we counted over 30 police cars responding. When I was outside, there were only 3 marked cars that I could see. In this area of the country where we do see large scale incidents fairly often, I certainly expected the response of the Montgomery County Police to be better than it was.
As a footnote, the girl was successfully talked down off the roof (the most important thing) and is receiving the help she needs. What we also discovered is that the girl didn't even live here, and she got into the supposedly secure building and managed to make it to the roof. But that might be a story for another day.
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