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post #1 of 16 (permalink) Old 01-27-2009, 07:07 PM Thread Starter
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AIG bonuses

Let's see if the Obama administration walks the accountability talk and deals with this.
No mention if the 400 are left wing elites or repub gun nuts.

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Bloomberg.com: Worldwide
Jan. 27 (Bloomberg) -- American International Group Inc., the insurer saved from collapse by government money after losses on credit-default swaps, offered about $450 million in retention pay to employees of the unit that sold the derivatives, according to two people familiar with the situation.

About 400 workers at the financial products unit may get the money in two installments, said the people ...
The payments bring to more than $1 billion the amount AIG has committed to keep its employees from leaving. The New York- based insurer in September took a federal bailout to avoid bankruptcy and is selling subsidiaries to repay the government. AIG said the program was disclosed before the government rescue, which is now valued at $150 billion.

“I was extremely disappointed -- but not surprised -- to learn that AIG will be awarding bonuses to the very division that drove the company into the ground,” said Representative Elijah Cummings, a member of the House Committee on Oversight and Government Reform, in an e-mail. AIG shouldn’t be awarding “millions of unmerited dollars to employees while at the same time begging the U.S. government for financial life support.”
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post #2 of 16 (permalink) Old 01-27-2009, 07:23 PM
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Let's see if the Obama administration walks the accountability talk and deals with this.
No mention if the 400 are left wing elites or repub gun nuts.
Well like I have been saying. If you give crack to crack addicts what do you think is going to happen with no accountability.

Who's John Galt.

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post #3 of 16 (permalink) Old 01-27-2009, 07:29 PM
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I think these stories are reinforcing people's distrust of the system and are contributing to the deepening of the recession.

Not overseeing the bailout money and requiring cuts (or terminations) rather than bonuses would have made a significant difference.

Criminals.

Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy; its inherent virtue is the equal sharing of misery. (Winston Churchill)
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post #4 of 16 (permalink) Old 01-27-2009, 07:33 PM
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Well like I have been saying. If you give crack to crack addicts what do you think is going to happen with no accountability. -- Bush administration (2000 - 06)
Well said.

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post #5 of 16 (permalink) Old 01-27-2009, 07:35 PM
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Originally Posted by gregs210 View Post

Not overseeing the bailout money and requiring cuts (or terminations) rather than bonuses would have made a significant difference.

Criminals.

Agreed.


Chief Executive Officer Edward Liddy, 62, has been providing data on employee compensation to Congress, saying retention programs are needed to keep the value of the units from eroding as AIG seeks buyers. The payments have drawn criticism from legislators including Cummings, 58, the Maryland Democrat who has said that the awards are unnecessary while employment markets are weak and has called for hearings into the compensation. The U.S. lost almost 2.6 million jobs in 2008.

"We adopted and disclosed this contractual retention program months before the government provided support to AIG,” said Christina Pretto, a spokeswoman for the insurer. “It was clear, given the market environment, that we would need to retain employees to manage the complex issues arising in our financial products business, which we are now unwinding.”

The insurer started the retention plan for the financial products unit in the first quarter of 2008, AIG said in regulatory filings, including one in August. The program guarantees a minimum level of pay through 2009 for employees, who had $563 million wiped out from existing compensation plans in the third quarter of 2008, AIG said in a November filing, without saying how much the plan would cost.

Merrill Lynch

Pretto said AIG cut almost $800 million of deferred compensation to the unit’s employees and that the most senior workers will get less than half their usual pay package.



And now, much to the OP's delight, it's no longer the PFA's problem to solve.
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post #6 of 16 (permalink) Old 01-27-2009, 07:39 PM
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I love this doom and gloom shit!
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post #7 of 16 (permalink) Old 01-27-2009, 07:42 PM
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Between AIG and Citigroup getting a new $50Million French private jet delivered, it sounds like Paulson and Bernanke failed to provide even the most basic of guidelines for these folks before writing them checks.

I know this sounds like a broken record but that behavior is very consistent with the way the Bush Administration executed nearly every major project. Piss Poor Planning, lacking in DETAIL and then surprised when the outcomes were not as expected.

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post #8 of 16 (permalink) Old 01-27-2009, 07:45 PM Thread Starter
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What do you think is the political makeup of the AIG workforce ?
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post #9 of 16 (permalink) Old 01-27-2009, 07:46 PM Thread Starter
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Between AIG and Citigroup getting a new $50Million French private jet delivered, it sounds like Paulson and Bernanke failed to provide even the most basic of guidelines for these folks before writing them checks.

I know this sounds like a broken record but that behavior is very consistent with the way the Bush Administration executed nearly every major project. Piss Poor Planning, lacking in DETAIL and then surprised when the outcomes were not as expected.
It's Day 8.
A simple memo will suffice reducing further funds by 100x the amount of these bonuses, but my guess is the ObA will not walk the talk.
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post #10 of 16 (permalink) Old 01-27-2009, 07:47 PM
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I particularly liked the comment that came out today [I heard it on 880WCBS on the way home]:

"We have to continue to compensate the top folks well so we can insure that we maintain the the best and the brightest in the company."

Here's a big hint. If you lose a cubic metric shitload of money, go to the government to beg for a bailout and still continue to fail, it is just possible that you don't really have the best and brightest in those critical positions.

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