Tuesday, March 17, 2009

AIG has pig lips

A big batch of lips goes to our national insurance company for their bonus policy. We give them money, they give it to foreign banks and to each other. They handed out bonuses to selected employees totaling $165 million AFTER getting bailed out with taxpayer money. From the New York Times:

[NY Attorney General, Andrew] Cuomo did not name the bonus recipients, but the numbers are eye-popping, given A.I.G.’s fragile state. The highest bonus was $6.4 million, and six other employees received more than $4 million, according to Mr. Cuomo. Fifteen other people received bonuses of more than $2 million, and 51 people received bonuses of $1 million to $2 million, Mr. Cuomo said. Eleven of those who received “retention” bonuses of $1 million or more are no longer working at A.I.G., including one who received $4.6 million, he said.

A.I.G., which is now 80 percent owned by the government, paid out the so-called retention payments, saying the bonuses were needed to persuade workers to remain at its financial products unit. But the payouts have caused a public furor, and the White House said on Monday that the Treasury would write new requirements about the bonus money in the next $30 billion that it provides to the insurance giant. Already, the government has given A.I.G. $170 billion.
An amazing 73 bonuses of $1 million or more went to people in the financial products unit, the outfit that ruined the company with its penchant for selling those nifty credit default swaps. And Bloomberg reports even stranger news: AIG "budgeted $57 million in “retention” pay for employees who will be dismissed."

Pig Lips!

Or maybe they'd prefer pitchforks?

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