By Michelle Celarier
Populist rage over the $165 million in bonuses for American
International Group executives had many Wall Street bankers
trembling last month. Of course, few argued that the AIG execs
deserved to be paid for essentially bankrupting the company -
that was beside the point. Contracts are essential to our
society, and not honoring them would destroy confidence, the
argument went. That may be a defensible legal position, but
then again, contracts are renegotiated all the time, especially
in times of financial duress. It's a shame force majeure
couldn't be applied here.
Despite the fact...