Last year, AIG announced it would not give bonuses out after the US taxpayer bailed this company out, but it appears AIG hasn’t listened to it’s own advice. They’re about to give out $1,000,000 to each of the 400 employees who worked in the very unit of the company that collapsed the company last year.
From Bloomberg (emphasis mine):
About 400 workers at New York-based AIG’s financial products unit may get $450 million in two installments, said two people familiar with the situation who declined to be identified because the plan is confidential. That is in addition to about $619 million in retention pay going to top executives and employees at subsidiaries including life insurance.
“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.”
Nice huh? Just like under the Bush Regime, awards are given out to those who don’t deserve it and who are the cause of our current financial situation. As far as I’m concerned, the employees at AIG who are getting million dollar bonuses should be in jail for collapsing the company through illegal means (think credit default swaps and former Enron Senator & John McCain supporter, Phil Gramm!) and then benefiting from it! I suppose I should feel better knowing that the CEO of Merrill Lynch & Bank of America have been subpoenaed concerning bonuses. Well, for some reason, I don’t. If we’re going to regulate Wall Street, then we need to start with capping all CEO and other upper management’s pay. I don’t think any of them should get more than a million a year and I think their bonuses should be taken away until the country is back on track. And when it gets back on track? Cap their bonuses too!
Speaking of credit default swaps (CDS) and former Enron Senator Phil Gramm, last Friday I watched him at a live meeting (on C-SPAN) talking about credit default swaps. According to Gramm, CDS were the best thing in saving our economy! Oh yes, ole Gramm can’t see the forest through the trees and has convinced himself that legalizing illegal regulations should be applauded! Oh, I’m sure Gramm will get some kind of award at some point from the market’s big whigs if he hasn’t already. One angry citizen in the audience basically said to Gramm (paraphrasing), “How dare you! You and your CDS are the reason why our economy is so messed up right now!”. It was beautiful to watch. We need to hold these assholes accountable and maybe we should start with calling AIG to find out the names of the 400 employees who will be receiving STOLEN MONEY FROM THE AMERICAN PEOPLE FOR THEIR ROLE IN COLLAPSING THE COMPANY:
From the New York Stock Exchange…
70 Pine Street
New York, NY 10270
Phone: (212) 770-7000
Fax: (212) 943-1125
Or you can email them here: (click)