The incentives or “meetings” are the same as a bonus. I know it negatively effects Maritz, but whether the tax payor pays a cash bonus or pays for a posh trip, its the same thing…maybe the trip is cheaper, but we (the tax payor)shouldn’t be paying for either one in my opinion.

any company wanting a bail out from the taxpayer should not have raises, bonuses, trips etc.It means they screwed up. once the GOVT. has to help those things should go out the window. the argument will be”its to keep good people from going other places.” if they where so good , why do they need a bail out. also if you took away the right for bonus raises, trips,If asking for a bail out I bet less Companies would ask for help and work out their own problemes.

I believe that the oil co. , health care sector, insurance and banking sectors should be regulated beyond belief. Greenspan I had always said lived in a rose color world that the rest of us did not and had no biz. talking out of an body orfice thats not his mouth, I loved it when he told congress that he was wrong and could not believe that the leadership of these Co. giants would let the Crises get to where it is. Its because like Busch they dont live in the same world as most americans do. If you need tax payer $$$$ then there needs to be regulation, regulation, Yes I know they have regulations, they need 20 x more and this would not have happened. remeber the titanic was built by professional big shots, the Ark was built by a regular guy.

Hey CCCCC, sometimes things just go bad on ya. It does not necessarily mean you “screwed-up” as you put it. The Government helps the farmers everyday. Does that mean they screwed-up? Mr. Maritz is absolutely correct in that incentives are a fraction of the cost of bonus pay. My company did a promotion to reduce internal errors. The person who had the fewest errors got a trip to Cancun for 2. The trip cost $2500 but saved the company upwards of $20,000. With me and you as a taxpayer investor in these business now, I want these employees to be motivated to make less errors and to be more productive so we can get our money back. If throwing a party and buying a airplane ticket gets the job done. Why not do it? Don’t be so pedestrian CCCCC. You’ll never get anywhere being that way.

greglpc, well I am 51 and retired 3 years ago. last June I took all stocks and transfered to T bills because of certain treands I saw in the country,I have a house and condo in Telluride Co. and a house and 3 condos @ the lake, Plus the main house hear in STL. Have had 2 small co. and worked for one of the big 3 in St.l. I think I have gotten some where

I would never reward someone for making errors, that shows that they do not take pride in their Job, I know that todays business sector has 1 person doing 2.3 peoples jobs and that americans work more hours per person than any country in the world per year. However when I traveled to Japan if an Employee makes just one Mistake they wear a ribbion of dishonor and sometimes refuse their pay check for that period.

Dont get me wrong,I believe in rewards for people that do outstanding performanceat their job. I was ranting as I do not believe that there was enough Due dilagence put into the $700 billion bail out. Getting the job done IS the job. the parties and trips to me is basically like giving big screen T.V. to city kids to go to school….. Its what they are suppose to do, if they are not doing it managment needs to take another look and see if that sector is over work ( hire more people.) or is it these people just cannot do their job, dont reward poor performance, $25 k is alot and even at Maritz, how long would an employee keep their job if they keep making that type of mistake.

I ran a big company and used incentives, but usually found people wanted cash. Incentive bonus plans work when they are tied to specific metrics and when they are only awarded for hitting the goal. Too many companies will award partial bonuses for partial success. When people know what they need to do to get a bonus, they will make it happen.

I think the internet is probably more responsible for companies like Maritz having problems. A secretary with a computer can make any type of reservations in five minutes. You can buy just about anything. My daughter wanted M and M’s with her name on them for a Christmas party. I found them in thirty seconds.

I agree with cccc. You take public dough. You get a paycheck until the loan is repaid. No bonuses should be paid until the taxpayers get their dough back. The fact that you have a job in this environment should be worth something.

cccc–if you don’t give anyone a raise or a bonus, which employees are going to be the first ones out the door? I believe the government has a right to demand some strenous terms for capital, but those terms should be more sensible than blanket cuts in compensation. Not everyone is screwing up, and if the goal is to actually repair the business the government won’t get it back on its feet. That’s especially true for something like AIG, where they have to keep their independent agents happy. Who is going to sell their insurance if you bring them bad publicity and a smaller paycheck?

Well boo-hoo Steve Maritz. The public doesn’t care about you when it comes to our tax dollars, just as you chose not to care how you treated former employees in a lay off a few years ago, including a friend of mind.

The problem is Steve Maritz is that you don’t get it. The days of luxury are over. People are fed up and millions are looking at the hoity-toity as people to avoid doing business with because they’re more interested in themselves than us.

Hey Scott Simon….Lay offs are always tough, not just on the former employee, but on the employer as well. Long term viability of the organization needs to be maintained. Cost cutting measures in the form of expenditure control - where we actually use less or are not taking on certain projects - is only one facet. Nobody wants to “chop heads”, including Steve Maritz and should only be done when all other avenues are exhausted.

Perhaps your friend was part of a reorganization effort to better streamline business. Or maybe your friend just wasn’t worth the dollars he was getting paid. You’re spin on it is just one side and in your version, the big, bad corporation picked on your friend. Grow up……..It happens.

What needs to be understood here is the incentive programs were agreed upon long before the bailout. When you “earn” miles on your credit card, that is an incentive. If you get a cashback bonus, that is an incentive. Now, suppose you earned $500 cashback bonus, the company went into bancruptcy and refused to pay you the $500 that you had earned. It is the same with these trips, those employees earned a trip based upon some job performance well before the crash of the banking industry. Would you take away their earnings because the organization made bad decisions? If you lost your job, wouldn’t your employer still owe you anything you had earned to date?

Getchick–you would only be a general creditor if the company filed for bankruptcy. There is no guarantee that a former worker will receive unpaid wages.

The key issue is, what is the government trying to do with AIG? Their stated purpose is to keep it alive and slim it down. Bankruptcy-type procedures are off the table–they aren’t discussing stiffing any creditors. In this case, they need to keep those agents happy since they are its sales force.

On the other hand, if the goal is to wind it down and run it like a controlled bankruptcy, then the government shouldn’t be too worried about not giving people things like this.