Sunday, March 15, 2009

AIG's Executive Excesses

I guess these guys want to be the first ones to lose their heads.

"After $170b US bailout, AIG to pay $100m in bonuses" by Edmund L. Andrews and Peter Baker, New York Times | March 15, 2009

WASHINGTON - Despite being bailed out with more than $170 billion from the Treasury and Federal Reserve, American International Group is preparing to pay about $100 million in bonuses to executives in the same unit that brought the company to the brink of collapse last year.

An official in the Obama administration said yesterday that Treasury Secretary Timothy F. Geithner had called AIG's government-appointed chairman, Edward M. Liddy, on Wednesday and asked that the company renegotiate the bonuses.

The government ASKED? I thought we had oversight, I thought we had regulations, I thought... I've been lied to!!!

Did the government -- and that is YOUR MONEY, taxpayers -- say pretty, pretty please?

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 AIG was contractually obligated to pay them....

Yeah, contracts only matter when the elites want them fulfilled.

The bonuses will be paid to executives at American International Group's Financial Products division, the unit that wrote trillions of dollars' worth of credit-default swaps....

You know, the things that BENEFITED BANKS and are DESTROYING the ECONOMY!!!!

But Liddy defended the need to continue paying bonuses if AIG was going to unwind the rest of its disastrous mortgage-related business at the lowest possible cost to taxpayers.

"We cannot attract and retain the best and the brightest talent to lead and staff the AIG businesses - which are now being operated principally on behalf of American taxpayers - if employees believe their compensation is subject to continued arbitrary adjustment by the US Treasury," he wrote Geithner.

I'm so sick of looters and their excuses. OFF with their fucking heads!!!!!!!!!!!

The government owns nearly 80 percent of the company....

Which means the PUBLIC OWNS 80% of the company!

See: AIG Insured by AmeriKan Government

Of all the financial institutions that have been propped up by taxpayer dollars, none has received more money than AIG.... AIG's main business is insurance, but it had a unit called AIG Financial Products that sold hundreds of billions of dollars' worth of derivatives - the notorious credit-default swaps that nearly toppled the company last fall.

In his letter to the Treasury, Liddy said that AIG was required to pay about $165 million in bonuses on or before March 15.... The bonus plan covers 400 employees, and the bonuses range from $1,000 to $6.5 million. About seven executives at the financial products unit were entitled to receive more than $3 million in bonuses.

That's ALL YOUR MONEY, taxpayers!! Know what I could do with $3 MILLION dollars? And these guys toss it around like a baby throws feces!

Under a deal reached last week, AIG agreed that the top 50 executives in the financial products division would get half of the $9.6 million they were supposed to get by March 15. The second of their bonuses would be paid out in two installments in July in September....

How does it feel getting RIPPED OFF as OBAMA LECTURES YOU about living beyond your means, Amurka?


AIG's SBD Fart

The Boston Sunday Globe's Other Omissions: AIG's $50 Billion Payout