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No bonuses for fostering crash

April 05, 2009

Re: "Tables turned at AIG hearing," March 25:

Just because some geniuses at huge corporations -- American International Group, for example -- came up with complicated derivatives including subprime mortgages and what I call junk bonds and marketed them to foreign investors does not entitle them to bonuses.

A bonus is a reward for outstanding production or service. These complex investment packages were so much hot air, and when the pin stuck the balloon, they collapsed.

Failing policies and practices do not warrant bonuses. A bonus is not required to keep good people. High-paying jobs always attract many qualified applicants.

Sol Taylor

Sherman Oaks

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