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About Amit Varma

Amit Varma is a writer based in Mumbai. He worked in journalism for over a decade, and won the Bastiat Prize for Journalism in 2007. His bestselling novel, My Friend Sancho, was published in 2009. He is best known for his blog, India Uncut. His current project is a non-fiction book about the lack of personal and economic freedoms in post-Independence India.




Bastiat Prize 2007 Winner

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21 March, 2009

The Morality Of Zeroes

The WTF line of the day comes from The New York Times:

In a week when Mr. Obama scolded business executives for creating a culture of runaway salaries and bonuses, a disclosure form filed Tuesday showed that he signed a new $500,000 book agreement five days before taking office in January.

Does it even need to be said that the $500k that Obama got in his book deal is not taxpayers’ money? And that the AIG bonuses Obama has been pissed about are just that? The juxtaposition makes absolutely no sense, and I don’t see why Obama’s outrage over AIG even needs to be mentioned in this piece. Seriously, if I was paying anything to read NY Times, I’d want my money back just for this.

*

And while we’re on the subject, I agree with Michael Lewis that as a scandal, the $163 million that AIG paid in bonuses pales before the $173 billion (or $173,000 million, to put it in perspective) bailout that the US government gave AIG to begin with. Such large amounts, and the uses they are put to, boggle the mind, so taxpayers ignore them. Bonuses to fat cat executives are an easier target.

Posted by Amit Varma in Economics | News | Old memes | Taxes | Politics | WTF

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