Sirkin Law Trust Estate Probate Litigation Attorney

AIG Executive Compensation? Yes or No?

There are so many points of view on whether or not AIG should have paid its executives after the bail out it received from the government.  

A contrarian, Andrew Ross Sorkin (no relation), makes a case for paying out the bonuses in his New York Times article, The Case for Paying the A.I.G. Bonuses.   Legally, there are the issues of contract law.   Can the government break a contract made among other parties?   I question the bail out in the first place, but ever more now that the government is technically a shareholder.   We bailed out AIG in return for control. Why did we not control and restrict the funds?   As I recall the threats of "talent" leaving AIG used to put the fear into the law maker's bellies to pass the bail out.  The "talend" left anyway.   I disagree with Sorkin who says no one else knows how to undo the mess.   We didn't want to believe that there were other experts.   After all, the guys at AIG learned it from someone.  Oh, perhaps it was Madoff!

As Americans, are we that stupid?  Congress should be held just as accountable for letting loose our money without restricting its use, as AIG for using it for illicit bonuses.   Granted, the company had prior compensation packages to deal with, but use other funds, not the tax payers' funds to pay those.

Here are possible solutions:

1.   Charge AIG with the amount of money it paid out as bonuses.

2.   Sue AIG for unfair business practices or rackerteering.

3.   Simply ask for the money back.

4.   Don't give any more money to any bank unless restricted.

Mina N. Sirkin is a legal expert in Estate Planning, Probate and Trust Law in Los Angeles, CA.  MSirkin@SirkinLaw.com.  http://SirkinLaw.com.  

Steps to securing the financial and personal future of disabled child

 As parents of special needs children get older, the biggest question in their mind is: Who will take care of my child when I am gone?

There are steps securing the financial and personal life of a disabled child:

1.   Create a Special Needs Trust for the benefit of your disabled child.

2.   Discuss a petition for conservatorship/guardianship of the adult disabled child with an attorney to determine who will make health care decisions for your child if he is not able to do so.

3.   Select a trustee and back up trustees for your child.

4.   Select a non-profit organization to be there as a safety net, if your trustees fail.

5.   Create a Care Plan and update the care plan every year.   The Care Plan should include a list of physicians, and most current medication, with dates for the next visit.   Keep this in a three ring binder notebook.

6.   Buy life insurance early and name the special needs trust as its beneficiary.

7.   Don't leave the decision-making to your other children.

8.   Set aside time to build a financial plan for the disabled child which does not disqualify him from government aid.

9.   Don't alienate your family members who can be there for your child.

Mina N. Sirkin is a Family Trust Attorney in Los Angeles, CA, and mom to a really cool special needs child.  http://SirkinLaw.com.  MSirkin@SirkinLaw.com 

Los Angeles Special Needs Trust Attorneys.

YES, PLEASE SEND ME A COPY OF YOUR SPECIAL REPORT FOR SPECIAL NEEDS PARENTS
First Name *
Last Name *
Email *
Zip Code *
Phone1

 

Copyright 2009 Mina N. Sirkin