Rep. Barney Frank charged Monday that a decision by financially strapped insurance giant AIG to pay millions in executive bonuses amounts to “rewarding incompetence.”
Echoing outrage expressed on both sides of the political aisle in the wake of revelations that American International Group will pay roughly $165 million in bonuses, Frank said he believes it’s time to shake up the company.
“These people may have a right to their bonuses. They don’t have a right to their jobs forever,” said Frank, a Massachusetts Democrat who is chairman of the House Financial Services Committee.
Neither do Members of Congress, but many (like Frank) get sent back term after term to commit the mistakes that helped get us into this mess. And that’s our fault. If you’re going to set a performance based standard for others, you have to live up to one yourself.