Wanks, Banks and Automobiles

Tell me how you would handle this situation.

You lead a frugal lifestyle and have managed to put a few dollars away for a rainy day. A dear friend, or family member, comes along and is in need of some quick cash to cover a bit of bad luck, or poor planning. You offer your rainy day fund, they accept, and you continue your sensible life. Maybe you live even more tightly than before, just until the loan is repaid. One day, as you're eating another lunch of ramen, that dear friend or family member, stops by to say hello. You can't help but notice their fresh manicure and designer handbag. "Hmmm," you wonder, "shouldn't that money have been given to me to repay the loan?" Shouldn't your friend have been making sacrifices in their lifestyle to account for the pickle they found themselves in that you helped rescue them from? Common sense says yes. Common courtesy also says yes. Logic agrees. AIG does not.

Apparently even if you run a company into the ground and the government must bail the company out, twice, you can still get your nails done. Why else would a company pay out yearly bonuses of any kind when you are indebted to your government already?

Let's shift to former GM CEO Rick Wagoner. In my own soft hearted way I feel for him, I really do. But come on, a retirement package worth 20 million? Aren't there factory workers who are losing their retirement packages all together? I know he's been working for a buck since January 1st, and that he has 33 years with GM, but seriously 20 million? Even if paid as annuities I find it hard to digest. As someone who worked at an automotive supplier for 12 years I sympathize greatly with the UAW workers. There were many years that we did not receive raises because our client wasn't doing so hot and our suppliers fees were cut. I get it. But when you think about how many top level executives are compensated in salary and bonuses for essentially not doing such a bang up job it does make one vomit a little.

I think I understand why the banks are given money with little repercussions while the Auto manufacturers are held to such scrutiny. Money talks. Cars only keep you from having to walk. Money is handled by designer suit wearing Harvard grads. Cars are built by the middle class. I may not be an expert but even someone from Michigan can recognize a clusterf... errr.... mess when they see one. I just hope those people who end up rolling in it remember one thing. Karma's a bitch.