AIG handing out executive bonuses
A.I.G. Planning $100 Million in Bonuses After Huge Bailout
By EDMUND L. ANDREWS and PETER BAKER
Published: March 14, 2009
WASHINGTON — Despite being bailed out with more than $170 billion from the Treasury and Federal Reserve, the American International Group is preparing to pay about $100 million in bonuses to executives in the same business unit that brought the company to the brink of collapse last year.
An official in the Obama administration said Saturday that Treasury Secretary Timothy F. Geithner had called A.I.G.’s government-appointed chairman, Edward M. Liddy, on Wednesday and asked that the company renegotiate the bonuses.
Administration officials said they had managed to reduce some of the bonuses but had allowed most of them to go forward after the company’s chief executive said A.I.G. was contractually obligated to pay them.
In a letter to Mr. Geithner, Mr. Liddy wrote: “Needless to say, in the current circumstances, I do not like these arrangements and find it distasteful and difficult to recommend to you that we must proceed with them.”
Distasteful?
Perhaps if these people had been FIRED, they would not be up for bonuses. What kind of business doesn't fire the employees who screw up on such a massive scale -- but instead gives them bonuses?
And what kind of suckers are we that we keep giving AIG money?
My husband isn't even getting a cost of living pay increase this year, let alone a bonus. He didn't break any laws, take advantage of anyone, do anything unethical or illegal, and he didn't destroy his company. Think the good guys don't finish last in this country?
Labels: AIG, bonuses, New York Times
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