Wednesday, 25 March 2009
Where have the ethics gone in Corporate Life?
A Company posts a $ 61.5 billion loss in an year. They rush to the Government for a $ 170 billion bail out package, which is essentially tax payers money. Then they promptly pay their top executives $ 165 million as 'Performance Bonus' - No, we are not living in a Tughlak Raj. This is US of A and the Company is AIG. Fortunately there is huge public outcry against those ethic less top executives who had the gall to accept the bonus after they have brought the whole world on the brink of an economic disaster. AIG top bosses have agreed to pay back $ 50 million which they have received as bonus, but that still leaves another $ 115 million that is lying in the banks of these non performers. This one incident more than anything symbolizes the rotten side of Capitalism, lack of morality, ethics, principles and value system amongst Corporate honchos. And we thought our salvation lies in them and their ilk!
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