Thread: AIG bonus to be paid

I thought Obama Baby said no dice to this payment of bonus's to the people that run a company broke.

AIG seeks clearance for more bonuses - Washington Post- msnbc.com
AIG seeks clearance for more bonuses
$2.4 million in executive payments due next week

updated 10:22 p.m. ET July 9, 2009
American International Group is preparing to pay millions of dollars more in bonuses to several dozen top corporate executives after an earlier round of payments four months ago set off a national furor.
The troubled insurance giant has been pressing the federal government to bless the payments in hopes of shielding itself from renewed public outrage.
The request puts the administration's new compensation czar on the spot by seeking his opinion about bonuses that were promised long before he took his post.

^ I thought O'babe (who after all is a lawyer) caved on this some time ago BG, for legal reasons.

OK, so then the taxpayers have to take it in the ass again by an insurance co. that just continues to fuck them,, I see.

Lets hear it for Obama Baby,, HIP, HIP, HIP Ho raw.

Don't blink.....

Originally Posted by blackgang

this payment of bonus's to the people that run a company broke.

Its important to remember that AIG as a whole has many units, some of which are very profitable and those staff are worthy of bonuses.

The rouge unit is AIG Financial Products. This section of the business caused all the damage. They basically engaged in writing insurance that covered any problems with tranches of mortgages that other outfits like Goldman Sachs and JP Morgan were packaging up and selling to the public as AAA grade financial products.
AIG had no real idea that these products were mostly shit mortgages given to people who had rubbish credit histories/no jobs/no proof of income.

To get comprehensive idea of events at AIG FP this article is outstanding

Originally Posted by sabang

^ I thought O'babe (who after all is a lawyer) caved on this some time ago BG, for legal reasons.

It was legal reasons and also retaining these people. I'm not sure about the retainment, after a mess AIG, is, but that is part of it.