AIG bonuses

The latest revelation of AIG paying $156 million bonuses to executives and employees, illustrates the distance our country has yet to go in recognizing that the real needs of our economy are not financial, but moral, ethical and spiritual.

AIG has received $180 billion in bailout money from US taxpayers so far. Executives of the corporation committed major errors in judgment over past years that built up a financial house of cards so intertwined with other institutions in the country and around the world that Congress feared letting them fail lest the collateral damage was too great for the economy to bear.

Making mistakes, even egregious ones, is not new. Thanks to the infinite loving care of God, mistakes can be forgiven, rectified, damage repaired, and the past put behind. But for genuine healing, there needs to be recognition by the offender of mistakes committed and sacrifice made to clear up the resulting problems.

When I make a poor financial decision, I have to adjust. No one else can do it for me. I cut back expenses. I refigure my budget. I spend less and save more. Bonuses, or rewards, are cut or delayed until my financial house is in order again. If I learn my lesson well, I come out of the experience stronger and better.

All necessary lessons are learned eventually, one way or the other. Our country is not suffering from a credit freeze, a lack of money, or shortfalls in budget. These times cry out for higher moral standards and ethical decision-making in high places.

Prosperous and enduring commerce cannot be sustained by actions motivated by self-interest, greed, and “what’s in it for me,” type of thinking. A sound economy is built on solid moral and spiritual principles.

Taking responsibility for one’s actions and following through with commitments are essential for an enduring economy.

The most desirable “bonus” now, as necessary economic lessons are learned, is not lump sums of money, but work well done, errors rectified, sound decision-making that yields long term economic health, and the increased self-respect and esteem that comes from working one’s way out of a mire and not running in the other direction leaving the mess for someone else to clean up.

I pray that we all gain a clearer understanding of what constitutes a sound economy. We’re taught in college economic courses to study the flow of money, fiscal policy and other material factors, but the greatest boost to our financial future will be stronger ethics and morals in the decision-making of economic players. And that’s a bonus worth working for!