The situation that developed in the US regarding the bonuses paid to AIG execs may be used as an example of how quickly the government and public can move to deal with corruption. Here is the timeline:
- on Tuesday, March 10th, Secretary Geithner learned that A.I.G. by Sunday would send out the bonuses to employees at its financial products unit
- on Sunday, March 15, Obama administration voices outrage
- on Monday, March 16, New York Attorney General Andrew Cuomo issued legal papers demanding that AIG reveal the names of those receiving the bonuses
- Monday through Wednesday, media, US Congress and the American public are outraged; US senators announce plan to tax bonuses
- social media and individual discuss the issue and put forward initiatives, like this populist revolt proposed by Fred Wilson on Wednesday, March 18
- March 19 - The House of Representatives passes a bill taxing AIG and other bonuses
- March 20 - A coalition of 19 state attorneys general launches an investigation into bonuses paid to employees at AIG
More to come, stay tuned
Tuesday, March 17, 2009
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