Is AIG a Tipping Point in this Recession?
The public outcry over the awarding of $165 million in bonuses to AIG derivative traders and executives certainly took AIG Chairman Edward Liddy without warning. After all, $165 million is a mere drop in the bucket compared to the $180 Billion AIG has received to date in bailout funds.
Why the public outcry?
Maybe Joseph Stalin, the former dictator of the Soviet Union, places this in perspective. He said, “A single death is a tragedy, a million deaths is a statistic.” Today, a bonus to an AIG executive is a tragedy, while lending billions is a mere statistic.
The public outcry over AIG bonuses could be a tipping point in the current economic story. Executive bonuses have been a silent problem inside numerous corporations for years. Shareholders have sought input, but their voices have generally gone unheard. Today, however, people are compelled to being heard on numerous fronts. They have the time, they have the energy, they have the tools, like the Internet, and they’re fed up with the status quo. Each of these factors will likely change the future course of the economy as:
People move from fear to anger
Over the past six months, the recession has driven fear across the nation and around the world. The public has suddenly found their voice and they’re angry.
A sense of urgency grows
Every government worker and official realizes they’re being held to a higher standard. A sense of urgency to move beyond this economic recession is on center stage.
People exert their influence
People are growing increasingly vocal, ready to hold leaders and their organizations to a higher standard.
Six months ago, the financial meltdown threw organizations and their employees into fear, uncertain what the future would bring. Today, people are growing increasingly vocal and angry, unwilling to be quiet. This change will be a tipping point in the current economic crisis, and it too, will come without warning.
Rodney N. Johnson ([email protected]) is an author, speaker, consultant and an executive business coach through Vistage International.
