(Editor’s Note : The title is the comment a friend made while forwarding to me the letter sent earlier this week by JakeDesantis, an executive vice-president of AIGs financial products unit, to Edward M.Liddy, the chief executive of A.I.G. The letter, or the link to it, has been forwarded and quoted so many times in the last few days that I have no doubt that you, regular reader, have read it already. Here is the link for the occasional visitor who might not be as well informed.
The post below is an anonymous contributor’s reaction to the issue)
The morality of the payments is not really debatable at all, they're perfectly moral besides being legal. And before anyone tries to lynch me, allow me to explain why. It’s not that difficult .... the top three reasons are
1) They have a contract
2) They have a contract
3) They have a contract
It’s as simple as that, and the rest is just banana republic politics and plain thuggery. For eg ., since all this is related to financial markets, let’s just compare this to the simplest kind of financial instrument .. a forward contract ( as opposed to all those dastardly derivatives that are being blamed for this mess). Let’s say a year back you and I entered into a contract that in one years time, I would buy from you 1 ounce of gold in return for USD 1250 (basically a forward contract) . One year hence, i.e. today, I find that the price of that one ounce in the market is say USD 1000, and so I try to default on my contract with you to push that loss of $250 onto you. Now these are the arguments I would like to give to justify this:-
1) I will default because I can now buy that ounce in the market for $1000, so why should I pay you $1,250 - Go find someone else willing to buy it from you at $1250; Essentially this is what the US government wants to do when they say "Don’t pay them ....let’s see where they can get this kind of money in the current market " .
2) Someone else also made me pay USD 250 extra for a ton of oranges that I bought from them, so I intend to recover it from you. I don’t care if you have never eaten an orange in your life or are allergic to them ....you are all part of this nefarious conspiracy against me. Again, as per the govt's stand, no distinction is necessary between different people performing different functions, working in different markets or even working in different organizations ...go after them all and tax them @ 90%
3) During the course of the year I lost a lot of money in my other dealings in gold, hence I refuse to pay you because you also deal in gold. Like the govt saying that the very people who got us into the mess cannot be paid,without regard to any attempt to distinguish between people, like they're all one big faceless mass.
4) You fooled / tricked / conned me into entering into this contract a year ago ! You should never have done this deal with me! I, a poor innocent have become a victim to your fiendish, devilish intents. That’s right , poor little AIG , this 120,000 strong leading insurance company was "fooled" into entering into employment contracts that guaranteed a certain level of payments irrespective of what happened in the market . Poor folks, looks like they were operating without an HR dept, lawyers, out of some tin shack somewhere and just didn’t understand what they were doing.
5) There's too much poverty in Zimbabwe for me to honor this contract. Aka US Govt ...when people are losing jobs, they should be happy to have a salary and work for free ! We are suddenly all part of a national / world / universal community interested in zen and the art of collective peace !
6) Ok, ok; i shall honour this contract and buy from you at $1250, provided that you deposit $250 in my unmarked swiss account. Aka let them have their bonus, we'll tax it @ 100% ! Sneer Sneer- What’s that - What do you mean where does that tax money go ? Don’t be impertinent.
7) I am bankrupt- get in line with the others to recover your dues! Well, AIG was bankrupt wasn’t it . No wait a minute, we had to save it from bankruptcy under which btw, like any other creditors employees too would have NOT received any of their outstanding bonuses and perhaps not their salary also. However, it was decided to save it and its creditors + employees for the "greater good of the system" ....oops , but now I find I harbour animosities towards a select few, some of those evil millions of bonuses types , and so what the heck, let’s just declare "selective bankruptcy" , sort of like selective memory which will enable me to continue to pay some but not others at the mercy of my whims and fancies . Ain’t life great ! :-)
8) Stop whining - I am doing it because I CAN. And that’s really at the heart of this isn’t it ...I suddenly find myself able to cater to my worst instincts and renege on my word under the guise of taxpayer interests, morality, and other pithy homilies with one finger on a metaphorical trigger. And therefore I shall !
By,
Anonymous.
Friday, March 27, 2009
Thursday, March 19, 2009
Prabalgad - In the Sahyadris
There had been a storm warning declared in Bombay the day we visited Prabalgad two years ago; incessant heavy rain had caused flooding during the preceding days and even more rain was expected. As we left early in the morning, we looked at the grey overcast skies and felt like brave adventurers. “I may be a corporate slave chained to a desk from Monday to Friday, but just take a look at what daring death-defying deeds I attempt over the weekend !” One would think we were climbing Everest without oxygen or crossing the ocean in a coracle from the frissons of excitement running through some of us.
Thankfully, Prabalgad is a great trek and does not disappoint charged-up weekend trekkers. It has lush, green, refreshing vegetation – the number of trees and bushes and their varying shades of deep green somehow seem better than many of the other routes in the Sahayadris. There are hills playing hide-and-seek in the mist and streams to splash across on the route. As bonus points to your enthusiastic spirit, halfway up, there is a nice grassy meadow that makes a natural break-for-lunch spot. It is really picturesque as the center patch is grassy and surrounded by a perimeter of trees that sway gently in even a mild breeze.
The climb is pitched at just the right level of difficulty, it does not feel easy but is not too tough either - even a family with a kid did it. Best of all, the first 15 to 20 minutes walk is over a flat area, which gives sufficient time for all one’s muscles to stretch and limber up in preparation for the climb ahead. Given that it is a bit of a long and strenuous trek , such a beginning is a blessing. I definitely prefer such treks to ones, albeit easier climbs, where you begin climbing right at the start. The Prabalgad way, in the beginning, your enjoyment of the scenery and the surroundings is unhindered by panting or wondering when it will end and why you punish yourself like this on a regular basis. On the contrary, in Prabalgad you are raring to go and fully charged when the long climb begins.
Apart from the thicker, more lush vegetation and the conveniently arranged topography, there is definitely something else that is strange about Prabalgad – it’s the very atmosphere. It’s the only trek where five people among the group ended up with the soles of their shoes ripped off, and it isn’t even one of those treks that have uneven terrain and sharp rocks. It’s the only trek I have been on where we were accompanied by two local villagers who disturbed the peace and quiet with squabbles over the correct route throughout and held a diametrically opposite viewpoint on every twist and turn of the path. Not only was each obstinate about establishing that he, and only he, knew the correct path, they were resolute about ‘guiding’ us and refused to go away.
It is also is the only trek I have been on twice, but not made it to the top even once. The first time in Prabalgad, we got lost, came across a lovely waterfall in the afternoon and called a halt there. Away to one end, there was a kind of broad shelf where one could stand with the water pouring over – a lot of people washed their tiredness away by standing under the waterfall and getting a good back massage. The second time in Prabalgad we had almost reached the top, but the last bit of the path had been washed away due to incessant rain. Both times, however, we thoroughly enjoyed the trek and didn’t regret not completing it.
By,
Zen
Thankfully, Prabalgad is a great trek and does not disappoint charged-up weekend trekkers. It has lush, green, refreshing vegetation – the number of trees and bushes and their varying shades of deep green somehow seem better than many of the other routes in the Sahayadris. There are hills playing hide-and-seek in the mist and streams to splash across on the route. As bonus points to your enthusiastic spirit, halfway up, there is a nice grassy meadow that makes a natural break-for-lunch spot. It is really picturesque as the center patch is grassy and surrounded by a perimeter of trees that sway gently in even a mild breeze.
The climb is pitched at just the right level of difficulty, it does not feel easy but is not too tough either - even a family with a kid did it. Best of all, the first 15 to 20 minutes walk is over a flat area, which gives sufficient time for all one’s muscles to stretch and limber up in preparation for the climb ahead. Given that it is a bit of a long and strenuous trek , such a beginning is a blessing. I definitely prefer such treks to ones, albeit easier climbs, where you begin climbing right at the start. The Prabalgad way, in the beginning, your enjoyment of the scenery and the surroundings is unhindered by panting or wondering when it will end and why you punish yourself like this on a regular basis. On the contrary, in Prabalgad you are raring to go and fully charged when the long climb begins.
Apart from the thicker, more lush vegetation and the conveniently arranged topography, there is definitely something else that is strange about Prabalgad – it’s the very atmosphere. It’s the only trek where five people among the group ended up with the soles of their shoes ripped off, and it isn’t even one of those treks that have uneven terrain and sharp rocks. It’s the only trek I have been on where we were accompanied by two local villagers who disturbed the peace and quiet with squabbles over the correct route throughout and held a diametrically opposite viewpoint on every twist and turn of the path. Not only was each obstinate about establishing that he, and only he, knew the correct path, they were resolute about ‘guiding’ us and refused to go away.
It is also is the only trek I have been on twice, but not made it to the top even once. The first time in Prabalgad, we got lost, came across a lovely waterfall in the afternoon and called a halt there. Away to one end, there was a kind of broad shelf where one could stand with the water pouring over – a lot of people washed their tiredness away by standing under the waterfall and getting a good back massage. The second time in Prabalgad we had almost reached the top, but the last bit of the path had been washed away due to incessant rain. Both times, however, we thoroughly enjoyed the trek and didn’t regret not completing it.
By,
Zen
Wednesday, March 11, 2009
Learning To Live With Islam
(This post is reprinted from this blog, with due permission of course.)
The veil is not the same as the suicide belt. We can better pursue our values if we recognize the local and cultural context, and appreciate that people want to find their own balance between freedom and order, liberty and license.
--- Fareed Zakaria. Learning to Live With Radical Islam. Newsweek: February 28, 2009.
Sharia demands death for the adulteress
I am not an adulteress
I can learn to live with Sharia.
Sharia demands death for the gays
I am not a gay
I can learn to live with Sharia.
Sharia demands death for the blasphemer
I am not a blasphemer
I can learn to live with Sharia.
Sharia demands death for the apostate
I am not a Muslim
I can learn to live with Sharia.
Islam demands Sharia for everyone
I am no one
I learned to live with Islam.
An adaptation of "First they came...", a poem attributed to Pastor Martin Niemöller (1892–1984).
By, The Rational Fool
Comments : One of the reasons I like Desipundit is that it regularly introduces me to posts such as this. Something about the poem grabbed my attention when I read it. The wikipedia entry on Pastor Martin Niemoller and his poem was rivetting too. Am copying below the 1976 version of his poem.
- Zen
First They Came (1976 version)
When the Nazis came for the communists,
I remained silent;
I was not a communist.
When they locked up the social democrats,
I remained silent;
I was not a social democrat.
When they came for the trade unionists,
I did not speak out;
I was not a trade unionist.
When they came for the Jews,
I remained silent;
I was not a Jew.
When they came for me,
there was no one left to speak out.
The veil is not the same as the suicide belt. We can better pursue our values if we recognize the local and cultural context, and appreciate that people want to find their own balance between freedom and order, liberty and license.
--- Fareed Zakaria. Learning to Live With Radical Islam. Newsweek: February 28, 2009.
Sharia demands death for the adulteress
I am not an adulteress
I can learn to live with Sharia.
Sharia demands death for the gays
I am not a gay
I can learn to live with Sharia.
Sharia demands death for the blasphemer
I am not a blasphemer
I can learn to live with Sharia.
Sharia demands death for the apostate
I am not a Muslim
I can learn to live with Sharia.
Islam demands Sharia for everyone
I am no one
I learned to live with Islam.
An adaptation of "First they came...", a poem attributed to Pastor Martin Niemöller (1892–1984).
By, The Rational Fool
Comments : One of the reasons I like Desipundit is that it regularly introduces me to posts such as this. Something about the poem grabbed my attention when I read it. The wikipedia entry on Pastor Martin Niemoller and his poem was rivetting too. Am copying below the 1976 version of his poem.
- Zen
First They Came (1976 version)
When the Nazis came for the communists,
I remained silent;
I was not a communist.
When they locked up the social democrats,
I remained silent;
I was not a social democrat.
When they came for the trade unionists,
I did not speak out;
I was not a trade unionist.
When they came for the Jews,
I remained silent;
I was not a Jew.
When they came for me,
there was no one left to speak out.
Wednesday, March 04, 2009
Obama vs. W - Different or Same ?
Today, contemplating while being snowed in, I started thinking about everything that Obama is doing in his first few days in office. Be it trying to save the economy by bailing out banks, insurance companies, car manufacturers, etc. OR pushing through a 10 year budget OR embarking upon health care reforms OR taxing the rich to feed the coffers & supposedly help the poor... Why is he rushing to get all this done now? Why not space it out over his first term?
So here is my epiphany, he is trying to push as much as possible right now when the country is in panic mode & looking hopefully to the new leader of the free world to fix it. In these "tough economic times", people are willing to overlook any so called inconveniences for the sake of the light at the end of the tunnel - SAVING THE ECONOMY!
Now here is my question - how is this different from the actions of W (Dubya) in 2001? There was panic in the US & in the name of security & defense against the axis of evil, so many initiatives were pushed through which may have made us a safer nation of people, but have also pushed the limit on constitutional rights or even basic human rights. Did we bat an eyelid? No siree! We were rallying around the Commander-in-Chief to save us from terror on our own soil!
In business this is called, taking a bath. So if nothing else, they have an intelligent set of advisors! But woe to the common man! We are being taken for a ride yet again. All my money (through taxes) are being ploughed into penny stock companies like CITI & AIG!
It is time not only to bat eyelids, but banding together to put an end to this nonsensical vicious spiral that we are being dragged into. If companies are not fit to run, let them sink. Do not try & throw these multi-billion dollar life preservers at them! Their mass is so ginormous & unwieldy & grotesque that drowning is inevitable. Live & let die! Survival of the fittest!!
By,
Alok Gupta
So here is my epiphany, he is trying to push as much as possible right now when the country is in panic mode & looking hopefully to the new leader of the free world to fix it. In these "tough economic times", people are willing to overlook any so called inconveniences for the sake of the light at the end of the tunnel - SAVING THE ECONOMY!
Now here is my question - how is this different from the actions of W (Dubya) in 2001? There was panic in the US & in the name of security & defense against the axis of evil, so many initiatives were pushed through which may have made us a safer nation of people, but have also pushed the limit on constitutional rights or even basic human rights. Did we bat an eyelid? No siree! We were rallying around the Commander-in-Chief to save us from terror on our own soil!
In business this is called, taking a bath. So if nothing else, they have an intelligent set of advisors! But woe to the common man! We are being taken for a ride yet again. All my money (through taxes) are being ploughed into penny stock companies like CITI & AIG!
It is time not only to bat eyelids, but banding together to put an end to this nonsensical vicious spiral that we are being dragged into. If companies are not fit to run, let them sink. Do not try & throw these multi-billion dollar life preservers at them! Their mass is so ginormous & unwieldy & grotesque that drowning is inevitable. Live & let die! Survival of the fittest!!
By,
Alok Gupta
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