ShelfariI have seen a few minor sources, from comics to blogs, who have been criticizing the media and saying that they are being irresponsible about how they report about the AIG bonuses. Their main focus is that the bonuses, 165 million, are a small percentage (roughly .12% to be correct) of the totality of bailout money given to AIG. So some sources say this is not front page news, or they are not being responsible because they are not reporting the percentage, or some other argument.
I feel all these arguments are false, or otherwise skirt the real issue that these reporters are trying to report.
These guys at these companies were on a Sherman’s march through their companies, financed by our 401(k)s – and all the incentives at their companies were for short-term profits, and they burned the fucking house down with our money and walked away rich as hell.” – Jon Stewart
For one thing, all the reports that I have watched or heard has either declined to mention numbers at all, or have mentioned both numbers. Yes, the reporters did not report any percentages, so the American public would need to figure it out. They seemed to feel that it is the reporters job to do that. I disagree completely. I understand that reporters are responsible for reporting the unvarnished news, and that I feel they all did. It is not their duty to do the math on this, and if some or many Americans cannot figure out that this number is a very small percentage that is not the fault of the reporters. After all, that is just one of many possible math permutations that can be done on those numbers, which leads to my second point.
Reporters should not be reporting percentages or statistics when they can avoid it. Statistics can be skewed to portray a certain point of view. We could show that the 165 Million is only .12% of the total bailout dollars given to AIG. Or we can mention that some of these bonuses are 2 to 4x what the average college graduate will earn in a lifetime1. That is just one bonus, not the 165 Million total! Or we can say that the 165 Million dollars could be used to completely modernize a school district! Look, when we want to we can all play with numbers! Do I feel that the reporters played with the numbers? No, they were actually pretty honest about them on the whole.
The final point that I have is all the percentages are a red herring. What is making, or should be making, most people mad is that there is a lack of accountability inherent in the system that allows this to take place. The system still encourages these high finance executives to line their own pockets with our tax dollars, after lining their pocket with our after tax dollars income and ruining the economy. Jon Stewart gets it, and makes a damn good argument with this quote, “These guys at these companies were on a Sherman’s march through their companies, financed by our 401(k)s – and all the incentives at their companies were for short-term profits, and they burned the fucking house down with our money and walked away rich as hell.” What is worse is they stuck around and started grabbing the bailout money that was the water that was supposed to put out the fire!
So everyone out there who are worried more about the numbers and how they are or how they are not being manipulated, rejoice! Your math power is excellent! Perhaps your ethics might just need a little work.
1. http://usgovinfo.about.com/library/weekly/aa072602a.htm
Edited to make a little more sense…
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