Deadliest Bonus

That title is what you get when you combine one of my favorite reality shows, Deadliest Catch, with the AIG bonus mob scene. How do you combine such a thing? You get Mike Rowe, who narrates and hosts the series, to weigh in on the bonus kerfuffle (via The Anchoress):

... a better term than "bonus" should be used to refer to these payouts. For many, a "bonus" is not an unexpected surprise. It is the motivating factor, and the only reason the working relationship exists at all. It is in other words, it' the very essence of the deal.

Because these "bonuses" are not guaranteed, they are a reflection of an individual's willingness to assume a certain level of risk that most salaried workers would go out of their way to avoid. Likewise, "bonuses" are the only way for highly competitive corporations to attract and compensate "top talent." Arguing over whether the money in question is gross or exorbitant is beside the point and after the fact, in my opinion. So too, is the exact manner in which it's earned. That's between the employer and the employee, and governed by the terms of the deal. What really matters, is the workers conscious willingness to forgo a big guarantee, in favor of a potentially larger payout based on his or her performance. It's an entirely different form of risk, that is the opposite of a weekly or monthly paycheck.

[...]

If, as a contracted employee who signed on for the sole purpose of making money, I did everything I was supposed to do to earn a payout of $5 million dollars, I would expect to be paid. I assumed a level of risk, and preformed as asked. A deal is a deal. The only circumstance that could justify a non-payment, would be the bankruptcy of the firm. (That's the biggest part of the risk I assumed, working in a volatile and competitive industry.) However, if the company stays in business, or is not allowed to fail, I'd absolutely expect my money. And if I got it, and was then suddenly asked to return it because the government realized it looked politically stupid and fiscally foolish for subsidizing my big fat bonus with taxpayer money, I might be inclined to say "I'm sorry, but I'm a tax-payer too. If you didn't want to pay me what I was legally owed, you should have let the company fail. My deal was with AIG, not you."

This "bonus rage" would not be happening in a world that respected consequences, because in that world, those companies who can not afford to pay their bills would simply fail, the way they're supposed to. Likewise, all citizens would live the lifestyle they can afford, the way they're supposed to. Of course, that is not the world we live in. In fact, companies like AIG have prospered exactly because so many people now live beyond their means. The hard truth is, those big bonuses were earned because AIG got rich saying "yes" to millions of people who should have been told "no." And because we're all connected, we all get hurt. (emphasis added)

Mike Rowe is a smart guy.