Courtesy of Rep. Barney Frank and the New York Times’ Dealbook: a copy of the AIG Financial Products Corporation 2008 Employee Retention Plan (aka the “AIG contract”).

I stated in the previous post that “Contracts are good.” I didn’t, however, say that contracts were sacrosanct or could never be broken (or that you can wave the word “Contract!!” like a magic wand, as if to repel the snakes from Ireland). But that is indeed the argument advanced by several media pundits as [...]