AIG pays $165M in bonuses

The American International Group, which has received more than $170 billion in taxpayer bailout money from the Treasury and Federal Reserve, plans to pay about $165 million in bonuses by Sunday to executives in the same business unit that brought the company to the brink of collapse last year.

According to the government appointed chairman of AIG, the bonuses are needed to keep executives around.

Umm ... maybe the losers that caused AIG to arrive at the brink shouldn't be bonused so they can be retained. WTF is wrong with these people?

Not that AIG has any choice in the matter. The bonuses don't seem to be tied to performance and the firm is contractually obligated to pay them. Although, I'd like to see the executives fight for those bonuses in court. AIG should just refuse to payout siting the unusual circumstances they're currently in.

Comments

  1. Ju12:32 p.m., March 15, 2009

    This is sick. Why in the world are we helping these companies that keep sending millions to people who do not know how to run a company? They cry yet get paid millions on the "average joes" taxes. Furthermore, I fear this is just the tip of the iceberg. Look what Enterprise rent-a-car did to get bailout funds:

    http://www.butasforme.com/2009/02/25/alert-enterprise-rent-a-car-may-have-fired-employees-as-fake-evidence-when-lobbing-for-bailout-money/

    ReplyDelete

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