Unintended consequences of the Outrage o’ Meter (TM)
Outrage sure feels good, hunh? I mean, the public sure let all those AIG guys have it! Nothing like giving those overpaid, greedy Wall Street (well, uh, Connecticut) [email protected] the what-for!
Except that people don’t like being made into public enemy #1; they have a tendency to up and leave.
NEW YORK (Reuters) – Several more employees are leaving the controversial financial products unit that brought American International Group Inc to its knees last year, according to a person with knowledge of developments there.
The resignations are in addition to the “handful” of senior AIG Financial Products executives who have already given notice, said the person, who could not quantify the total number of departures.
To date, AIG said the situation at the financial products unit remains “manageable,” despite the departures. But if too many employees quit, Chief Executive Edward Liddy has warned it could be disastrous for AIG and, ultimately, for U.S. taxpayers who are the insurer’s majority owners.
Remember that We The People own 80% of AIG. I don’t know about liberals, but we conservatives like to get returns on our investments. Driving off the people who were trying to unwind the mess and give us said return on investment seems kinda stupid to me, but then again, I’m not big on public humiliation and for whipping up mobs.
This is why democrats are by and large failures: they don’t understand the simple concepts of incentive creation and the fact that sometimes there are consequences for your actions (that nasty phrase called unintended consequences).