ding, ding, ding, ...we have a winner.
These are the facts. The people who were given bonuses signed up to stay on in a part of AIG that was going away .. they could have departed for greener pastures. The jobs they took were dead end, no future other than pay and a retention bonus when the job is done or the term of the contract is over.
So, AIG pays $165 million to unwind $1.1 trillion in debt obligations ... sounds OK to me.
Not true-bonuses were given to people who left the company so it certainly was not a ‘retention’ bonus-at least not all of the bonuses were based on retention...those CEO’s lie so you can’t believe the testimony. Look at Pandit who claimed during the congressional hearings to makes to make 1 million and actually makes 8 million. I will be interested to see who received these bonuses and maybe a why for those no longer with the company would be nice...blackmail, hush money. It seems odd to me. The bonuses did go to the financial/CDS part of the company. They should never have received them as AIG is an insolvent company using our tax money to pay bonuses.It’s sickening,Citi is using taxpayer money to spend 10 million to decorate an office after laying off thousand. These people are idiots and should immediately fire their PR departments...AIG and Citi for that matter should not have bankrupted their companies and our economy by selling fake insurance or in Citi’s case making liar loans, then they would not have taken a loan from taxpayers and could have all the bonuses their poor stockholders would permit...assuming they have a say in salaries and bonuses.