- Kelly McParland: Jack Layton keeps getting paid for underformance
A few days ago I posted a press release from Jack Layton, in which he complained about executives at pension firms getting bonuses in a down year, adding a snarky comment of my own. Jack didn't have such a great year himself, I pointed out, so why is he still getting paid? I thought the point was self-evident, but a number of readers complained that they didn't get it. So I shall elucidate.
Layton's initial complaint was a class-based cheap shot hoping to cash in on lingering resentment about the rich bonuses awarded to well-paid executives at financial firms. There was justifiable outrage in the U.S. when people learned that million-dollar bonuses were going to some of the same fat cats at AIG insurance who helped cause the economic meltdown by placing huge bets on high-risk investments while ignoring the enormous dangers involved. AIG had to be rescued with a US$173 billion bailout, yet the executives still wanted their bonuses, as did their colleagues at a number of other bailed-out institutions, notably Merrill Lynch. Layton extrapolated on these cases to ask why executives at Canada's Public Service Investment Board were getting bonuses despite a $9.3 billion loss this year.
So what's wrong with that? This:
Saturday, August 01, 2009
Sorry Jack, One Good Speech Doesn't Make A Winner.....
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About Me
- Unhypentated Canadian
- I lean to the right but I still have a heart and if I have a mission it is to respond to attacks on people not available to protect themselves and to point out the hypocrisy of the left at every opportunity.MY MAJOR GOAL IS HIGHLIGHT THE HYPOCRISY AND STUPIDITY OF THE LEFTISTS ON TORONTO CITY COUNCIL. Last word: In the final analysis this blog is a relief valve for my rants/raves.
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