"AIG reveals $454m more in bonuses" by Reuters | May 6, 2009
WASHINGTON - American International Group paid about $454 million in previously undisclosed performance bonuses to employees for 2008, the company said in answers to questions from a US lawmaker that were released yesterday. .
AIG was widely criticized for paying out some $165 million in retention bonuses after it received $180 billion in government bailout aid. Some of the retention bonuses were returned by employees after the firestorm of criticism. The company has told US Representative Elijah Cummings, a Maryland Democrat, that the performance bonuses were paid out by operating units across the company's operations in about 120 countries.
Payments ranged from an average of $5,403 to employees of its property-casualty group to $51,026, on average, for those in its asset-management group. The payments are in addition to a bonus pool of about $120 million that is designated for holding company employees and executives at subsidiary companies.
What could you do with $50,000 dollars, American?
That was ON TOP OF their SALARIES!!
A BONUS for LOSING SO MUCH MONEY?
The performance bonus plans for the various AIG units were set before the company teetered on the brink of bankruptcy, forcing it to take government aid in September. The payments are separate from $1 billion in retention payments to entice employees to stay with the company.
And the LOOTING CONTINUES!!!!!!
That doesn't make me feel good at all!
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