"The large bulk of the payments at issue cover AIG Financial Products, the unit of the company that sold credit default swaps, the risky contracts that caused massive losses for the insurer."
Based on what I heard on the news, the bonuses are for meeting or exceeding sales quotas. Apparently, the idiots in charge based the bonus structure on sales, without regard to profitability. Kind of like a car dealer giving it's salesmen bonuses for every car they sold, even if they sold a car for a fraction of what it cost the dealership. It is a perverse incentive that values sales over profitability. It practically guarantees failure. And if they think these people are the "best and the brightest", they are certainly not qualified to recieve my tax money.
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Today's Featured Article - Oil Bath Air Filters - by Chris Pratt. Some of us grew up thinking that an air filter was a paper thing that allowed air to pass while trapping dirt particles of a particles of a certain size. What a surprise to open up your first old tractor's air filter case and find a can that appears to be filled with the scrap metal swept from around a machine shop metal lathe. To top that off, you have a cup with oil in it ("why would you want to lubricate your carburetor?"). On closer examination (and some reading in a AC D-14 service manual), I found out that this is a pretty ingenious method of cleaning the air in the tractor's intake tract.
... [Read Article]
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1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
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