Does the GOV have to do this to PUB – AIG mess?

Sunday, July 12, 2009, AM | 2 Comments

Excerpts from Reuters.com

American International Group (AIG.N) is preparing to pay next week millions of dollars more in bonuses to dozens of corporate executives, a source familiar with the development said.

AIG has been talking with Washington’s newly-appointed compensation czar Kenneth Feinberg about the bonuses, which are due to be paid on July 15, said the source.

The company is reviewing its compensation plans with Washington as it tries to avoid the national furor set off by $165 million in retention bonuses paid to employees of a financial products unit in March. Much of AIG’s $99 billion in losses last year stemmed from derivatives written by that unit.

AIG, which declined to comment, has received more than $80 billion in federal loans in successive bailouts since its near-collapse last September. In total, U.S. taxpayer aid of up to $180 billion has been extended to the insurer that once claimed global dominance.

In total, AIG last year agreed to pay in excess of $1 billion in retention payments and performance bonuses to employees across the organization, including to the financial products employees.

Some financial products executives agreed to return their bonuses in full or in part after the payments spurned anger across the nation.

Moral of the story
There is something wrong here. Read the last statement again. If it was moral and ethical, why would some executives return their bonuses in full or in part.

Also, think about this.

The company is reviewing its compensation plans with Washington as it tries to avoid the national furor set off by $165 million in retention bonuses paid to employees of a financial products unit in March. Much of AIG’s $99 billion in losses last year stemmed from derivatives written by that unit.

What do you think?

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  1. 2 Responses to “Does the GOV have to do this to PUB – AIG mess?”

  2. By wholesale watches on Jul 13, 2009, 7:51 am | Reply

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  3. By sacha on Jul 13, 2009, 5:24 pm | Reply

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