The way I look at it, we all own a piece of AIG which, when I was in the business, we called the Annoying Insurance Group.
Hence it pisses me off no end that AIG is planning on giving big bonuses to the clowns who ran the company into the ground in the first place.
From the NY Times:
The American Insurance Group, which has received more than $170 billion in taxpayer bailout money from the Treasury and Federal Reserve, plans to pay about $165 million in bonuses by Sunday to executives in the same business unit that brought the company to the brink of collapse last year.
AIG claims that the bonuses were promised before the collapse and they are contractually obligated bound to pay them.
Edward M. Liddy, the government-appointed chairman of A.I.G., said at least some bonuses were needed to keep the most skilled executives.
Obviously AIG doesn't have skilled executives so who are they hell-bent on keeping?
Don't pay them, let them take you to court and force a jury trial.
2 comments:
This is sick. Why in the world are we helping these companies that keep sending millions to people who do not know how to run a company? They cry yet get paid millions on the "average joes" taxes. Furthermore, I fear this is just the tip of the iceberg. Look what Enterprise rent-a-car did to get bailout funds:
http://www.butasforme.com/2009/02/25/alert-enterprise-rent-a-car-may-have-fired-employees-as-fake-evidence-when-lobbing-for-bailout-money/
I was pricing insurance the other day and I got a call from 21st Century Insurance. That's the new name for AIG! I told the agent that I felt sorry for HIM, but I wasn't buying anything from AIG, no matter what their name.
Losers.
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