Posted on 03/15/2009 10:57:51 AM PDT by dvan
WASHINGTON – American International Group is giving its executives tens of millions of dollars in new bonuses even though it received a taxpayer bailout of more than $170 billion dollars.
AIG is paying out the executive bonuses to meet a Sunday deadline, but the troubled insurance giant has agreed to administration requests to restrain future payments.
The Treasury Department determined that the government did not have the legal authority to block the current payments by the company. AIG declared earlier this month that it had suffered a loss of $61.7 billion for the fourth quarter of last year, the largest corporate loss in history.
Treasury Secretary Timothy Geithner has asked that the company scale back future bonus payments where legally possible, an administration official said Saturday.
(Excerpt) Read more at news.yahoo.com ...
It’s amazing that these companies thought they could get in bed with government and sex would not be involved. If they are stealing our tax dollars, they have earned the additional scrutiny over their bonuses and executive retreats.
Obama owns this, it’s happened on his watch, it wasn’t inherited.... Obama continues to FAIL.
Yeah I wish I had an AG job. Post $100 billion loses, borrow $85 billion and give out bonuses? WTF???
Nice work when you can get it . . . .
This is trivia.
1/10th of 1 percent of the bailout $buck$.
Once the feds gave them the $$$, they should not be micromanaging the AIG daily operations.
Of course the whole thing is a debacle.
Thaaaaats nice.
Shouldn’t they reimburse the taxpayers first?
The ONLY bonuses these criminally incompetent BOOBS running and managing companies like AIG is a year or two off their prison terms if they coooperate with federal authorities.
The Masters of The Universe still feel it’s OK to thumb their very reedy, blueblood noses at the rest of us...
Sorry, the Previous Admin didn’t want AIG to fail as well. This is R’s and D’s faults.
You’re a slave and you will continue to pay taxes and pay AIG.
Agree...Obozo ‘s admin did not check the AIG contracts to make limitations on the money BEFORE they bailed them out. These bonuses are legal contracts that AIG can’t go back on.
Moreover, AIG doesn’t want to lose its possible best people...and I agree... we wnat to get our money back from the bailout.
Why aren’t Frank, Dodd etc getting hammered on THEIR contribution to this disaster. Its all just too maddening to watch anymore. I mean I don’t give flying F about these bonuses..when the whole problem was the Fannie Freddie fiasco that tanked my IRA!!!
My guess is the people who wrote their bonus contracts were just as naive (assuming the company would only make money) as the people who wrote their CDS contracts (who assumed CDOs would never default).
They gotta get all the lucre off the ship before it gets swallowed by the ocean
Without these obscene bonuses, their star executives and marketing pukes might quit, and cheaper employees would not be capable of losing quite as much.
The contracts were written before the bailout, so the government would have had the same problem they have with the automakers and their union contracts: as much as both the company and the government want to change them, the only way to do it without the agreement of the employees is through bankruptcy. And bankruptcy is evidently the very thing the government wants to avoid, giving the employees considerable bargaining power.
>>>>> Shouldn’t they reimburse the taxpayers first? <<<<<
That’s the problem with Socialism.
Everyone is a busybody, everyone has their hand out, and everyone “decides” who does what, when.
Now AIG will pay the piper, and so shall we.
But wait... “In soviet America, ALL people are equal”
Unless they work for AIG. They are just a “little” more equal than others.
Just a thought...could it be this was in the agreement between zer0 and AIG to continue with giving out these bonuses to help promote the wealth envy the enemy loves to tout?
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