The ongoing saga over whether AIG executives should be forced to give up their bonuses raises an interesting PR angle. One lesson: Any company that partakes in a direct government bailout, or even participates in a government-sponsored economic program without direct assistance, should take special care to manage public perceptions.

As AIG executives learned quickly, nothing is certain when you are beholden to government administrators and members of Congress, especially in this economic environment. And AIG should have known—because, after all, good PR is a two-way street—that the bonuses would be viewed as outrageous by Joe Taxpayer.

Before private investment firms decide whether to bid on so-called toxic assets through the government-guaranteed loan program announced this week, those firms will undoubtedly seek PR advice on how they will be perceived by the public. If they will be viewed as potential saviors of the economy, that may help tip the balance in favor of participating. And if they expect that the public would see them as corporate welfare recipients, it may be enough to kill their interest.

Proactive public relations, of course, would help mold and manage the public perception of the company considering doing business with the government, before any crisis could develop.