AIG bonuses

[James48843]

A.I.G. Planning $100 Million in Bonuses After Huge Bailout


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.


More: http://www.nytimes.com/2009/03/15/business/15AIG.html?hp

 

[budnipper1]

A.I.G. Planning $100 Million in Bonuses After Huge Bailout

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.

More: http://www.nytimes.com/2009/03/15/business/15AIG.html?hp

This Times article has apparently been revised, upping the ante for the bonus amounts.
​

View attachment 6047
http://www.nytimes.com/2009/03/15/business/15AIG.html?hp

 

[ChemEng]

If paying out bonuses was such a big deal for companies getting bailout monies, then why wasn't it a condition to receive those monies? This seems to be more an issue with Congress than AIG. For them to expect compliance to an additional requirement after the deal was stuck is blatantly unAmerican.

 

[James48843]

Feel like you just wanna hurl things at AIG?


The great AIG tomato toss:

Click here:
http://moveon.org/tomato/?id=15777-4879197-7CbUgIx&t=4

 

[Thunderhorse]

This Times article has apparently been revised, upping the ante for the bonus amounts.
​

View attachment 6047
http://www.nytimes.com/2009/03/15/business/15AIG.html?hp

Better revise the revision.

$100M...$165M...$218M...$220M. F&^%%$ circus. Its only numbers in a sideshow.

Now there are murmurs of a bank saviour plan announcement (again) possibly Monday. SOS in my opiniion.

http://news.yahoo.com/s/ap/20090321/ap_on_re_us/aig_bonuses

Connecticut seeks answers on AIG bonus documents

NEW HAVEN, Conn. – The attorney general of Connecticut said Saturday that he is asking American International Group Inc. why documents appear to show the company paid $53 million more in bonuses to its financial products division than previously reported.
Documents turned over late Friday show AIG paid $218 million in bonuses last weekend, higher than the $165 million that was previously disclosed, said the office of Attorney General Richard Blumenthal, who had issued a subpoena.

Bonuses were "showered like confetti" on AIG employees, Blumenthal said.
AIG had previously disclosed that the company was contractually obligated to pay a total of about $165 million of previously awarded "retention pay" to employees in the financial products unit, based in Connecticut, by March 15. It said another $55 million in retention pay had already been distributed to about 400 AIG Financial Products employees.

That total of $220 million is about $2 million more than the figure disclosed Friday, and Blumenthal said he was seeking clarification from the company on whether the new papers differ from what was