Comments on: Funny, He Doesn’t Sound Like a “Greedy Bastard”

By: Kirk Petersen

Kirk Petersen — Sat, 28 Mar 2009 19:46:00 +0000

Mike, thank you so much for the kind words. Sorry to see you leaving Entrecard, but I understand the issue with the today.com blogs.

Just so you don't get taken unawares, I'm trying to migrate from Blogger to Wordpress, so I will have a different URL. I'm not sure what that is yet, as I'm having trouble getting the databases to talk to each other. I HOPE the blogspot URL will redirect to my new site... it's supposed to, but it's not working properly, I'm back and forth with my host's tech support.

Lori, Casto, thanks for the comments. I think the root of the problem is that many people, particularly liberals, have gotten the idea that there is something immoral or inappropriate about capitalism. So if people (companies) do something in pursuit of profit, and then a problem erupts, they assume that the profit motive caused the problem.

But the profit motive is the most stable and predictable element of the economy. You can't overrule the profit motive, although various communist governments have tried. You have to guide the profit motive with appropriate regulation. That's the part that broke down in the credit crisis.

And it's not a matter of regulation vs. deregulation. Deregulation implies NO regulation, and no serious person advocates that. The left and the right bicker about more regulation vs. less regulation, but what we really need is DIFFERENT regulation.

By: Mike

Mike — Sat, 28 Mar 2009 19:22:00 +0000

I find your site and posts full of interesting material to read. As of 4/1/09, I will be dropping the Entrecard program as it is being banned by my hosting company. I am bookmarking your site so I can continue to visit your site.

By: Lori

Lori — Fri, 27 Mar 2009 12:41:00 +0000

What’s bothered me from the start of this AIG situation is exactly what you point out here, Kirk. These people were supposed to get their bonuses. Look, if it’s written into their contracts and no conditions are placed on the receipt of the bonuses – such as actually turning a profit for the company – fair play to those who are lined up to receive them. The company’s damned if they do, damned if they don’t. If they do, we see the public outcry and the feds breathing down our necks. If we don’t, we’re sued by employees whom we owe money to.

In general, AIG has always been a risk-taking company. Not ten years ago, they were lauded by the industry and secretly envied by other insurers for how they would create product after product in response to the needs of the industry. If there was a need, you didn’t have to go farther than AIG to find the solution. Yes, they took risks. Let’s face it – when companies take risks and it pays off, they’re heroes. When it doesn’t pay off, they’re hung out to dry. Unfair, in my opinion.

By: CastoCreations

CastoCreations — Thu, 26 Mar 2009 19:42:00 +0000

The whole furor over the bonuses is nothing but an attempt to distract away from the government actions, which have created the nightmare in the first place. I feel horribly for anyone who works for AIG. Even those who got major bonuses. This whole torch and pitchfork stuff is nothing more than a way to channel people’s anger away from the government, where it truly belongs.

By: Kirk Petersen

Kirk Petersen — Thu, 26 Mar 2009 17:24:00 +0000

Elaine, Phil, thanks for the comments. I was wondering what the tenor might be of any comments. Because while the right-o-sphere is generally coming down on the side of honoring contracts and respecting a person trying to do a difficult job, HuffPo commenters are in full moonbat mode. I posted a comment to push back, but it's probably a waste of energy.

By: Phil

Phil — Thu, 26 Mar 2009 10:02:00 +0000

It was a great letter. The vast majority of AIG's employees are hardworking taxpaying citizens and did nothing to harm anyone. There may have been a few who "sinned" and, if so, they deserve to be brought to justice, but this was all so wrong in so many ways.

For the first time, I was ashamed to be an American, as our leaders became a lynch mob before my eyes.

To read my viewpoint in words far more eloquent than I can phrase, read Michael Lewis Bloomberg piece: http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_lewis&sid=atlHxXH7FweQ
and Andrew Ross Sorkin's piece from the NY Times: http://www.nytimes.com/2009/03/17/business/17sorkin.html?hp

By: Elaine

Elaine — Wed, 25 Mar 2009 22:44:00 +0000

I think DeSantis’ letter should be required reading for everyone. As usual, the scoundrels who got us into this fine mess are long gone. It’s the responsible people who stay to clean up who get the shaft. I wish I knew Jake DeSantis. I would like to shake his hand.