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AIG to Dish Out $100 Million in Bonuses
The Page by Mark Halperin —
... The insurance giant will pay out millions in executive bonuses by Sunday, despite receiving more than $170 billion in bailout funds.
Treasury says the government doesn't have the authority to block the payments, AIG has agreed to restrain future bonuses. ...
AIG, Begone!
Talking Points Memo —
... I've written been highly critical of the government bailout of AIG. But the new spectacle of the company paying $100 million in bonuses to executives, even over Secretary Geithner's objections is an example of what's wrong with it. ...
They Really Are Just Like Crack Addicts
The Mahablog —
... A.I.G. Planning $100 Million in Bonuses After Huge Bailout Sorta gives you a clue why the financial sector is so screwed up. Our captains of the financial industry cannot be trusted to handle money. ...
Bailed-out AIG doles out $165 million in bonuses.
Think Progress —
Insurance giant American International Group, which has received $170 billion in funds from the government to stay afloat, will award about $165 million in employee bonuses. The U.S. government has an 80 percent ownership stake in the company. Treasury Secretary Tim Geithner had urged AIG’s chief Edward Liddy to renegotiate the payments, but Liddy said he had “grave concerns” about the impact on the firm’s ability to retain talented staff. Liddy’s recommendation has “outraged” the Obama administration: ...
AIG To Dish Out $165 Million in Post-Bailout Bonuses
Truthdig: Drilling Beneath the Headlines —
... is subject to continued and arbitrary adjustment by the U.S. Treasury,” he wrote Mr. Geithner on Saturday.
Still, Mr. Liddy seemed stung by his talk with Mr. Geithner, calling their conversation last Wednesday “a difficult one for me” and noting that he receives no bonus himself. “Needless to say, in the current circumstances,” Mr. Liddy wrote, “I do not like these arrangements and find it distasteful and difficult to recommend to you that we must proceed with them.”
Read more READ THE WHOLE ITEMRelated ...
The AIG Bonuses
Matthew Yglesias —
... You would think that executives at a company that’s so poorly managed that it requires vast government aid wouldn’t be getting big bonuses but apparently not: ...
In Praise of Harry Truman
Angry Bear —
... Last March, Richard Syron, former chairman of Freddie Mac, asserted that his primary obligation was to shareholders. We know what happened to Freddie Mac. Today we learn that AIG, despite its difficulties and because of contractual arrangements, is planning on awarding huge bonuses to the very staff that led to its implosion. Firing, apparently, is not an option: The staff that created this chaos remains too valuable. ...
Irony on Last Legs
TPMCafe —
... "The phrase, in its original coinage," as it shouldn't have been necessary for Rich to point out, "was meant to strike a sardonic, not a flattering, note." Yet it continues to crop up as a compliment, as in today's NYT, where Edward M. Liddy, the government-appointed chairman of A.I.G., is quoted as having written SecTreas Timothy Geithner as follows: ...
Israel’s Right-Wing Government Takes Shape
The Hollywood Liberal —
... compensation is subject to continued and arbitrary adjustment by the U.S. Treasury,” he wrote Mr. Geithner on Saturday. Still, Mr. Liddy seemed stung by his talk with Mr. Geithner, calling their conversation last Wednesday “a difficult one for me” and noting that he receives no bonus himself. “Needless to say, in the current circumstances,” Mr. Liddy wrote, “I do not like these arrangements and find it distasteful and difficult to recommend to you that we must proceed with them.” Read more ...
Who Stole Our Country, and How are We Going to Get It Back?
Firedoglake —
... Yesterday we found out that Tim Geithner made a $27 billion dollar gift to AIG counterparties, paying off credit default swaps at 100%. Gretchen Morgenson in the NYT asks why these insurance claims "were paid off in full, even though widespread defaults on the underlying debt have not occurred?" He has now reached a "deal" where AIG executives ...
Why AIG Bonuses Argue In Favor Of Bank Nationalization
Wonk Room —
... by Treasury Secretary Timothy Geithner — insurance giant American International Group (AIG) still plans to pay out $165 million in employee bonuses and retention pay. AIG’s chief executive Edward Liddy expressed “ ...
Jane Hamsher: America Does Not Trust Geither, Summers to Regulate Wall Street
Politics on HuffingtonPost.com —
... Yesterday we found out that Geithner made a $27 billion dollar gift to AIG counterparties, paying off credit default swaps at 100% of their value. Gretchen Morgenson in the NYT asks why these insurance claims "were paid off in full, even though widespread defaults on the underlying debt have not occurred?" Geithner has now reached a "deal" whereby AIG executives ...
3/16: Everybody Hates AIG
Blogometer —
... that AIG -- which has received over $170B in taxpayer bailout money -- is handing out $165M in bonuses "to executives in the same business unit that brought the company to the brink of collapse last year." Lefty bloggers are not at all persuaded by AIG CEO Edward Liddy 's claim that the company was contractually obligated to pay these bonuses; as ...
Heartache for the progressive Left
protein wisdom —
... asks why these insurance claims “were paid off in full, even though widespread defaults on the underlying debt have not occurred?” Geithner has now reached a “deal” whereby AIG executives get millions more in bonuses by March 15 , then more in July, and then September, but AIG has to show that they’ve made progress “selling off business units and repaying the government.” American taxpayers now own 80% of AIG. They’ll be paying back the government, and paying off the bonuses, with our money. There is no reason to be tiptoeing around these people. Are Geithner and Summers are ...
Why Are AIG’s Contracts Sacrosanct But Not Union Workers’ Contracts?
Think Progress —
... Yesterday on ABC’s This Week, Larry Summers, head of President Obama’s National Economic Council, called insurance giant AIG’s plan to pay out $165 million in bonuses “outrageous” but insisted there was little the government could do about it. This despite the $170 billion in taxpayer funds that have been given to AIG. Summers cited ...
AIG: Putting the Racketeering Back in the Insurance Racket
Firedoglake —
... , already recipient of some $170 billion of US government coin, is set to pay out $165 million in something called “retention bonuses” to the people in the financial products unit, the very division that brought the insurance giant to its knees. Cue the righteous indignation. ...
National Outrage Forces Obama Administration To Act On AIG Bonuses
The Huffington Post | Full News Feed —
... However, the administration knew about these bonuses and, while outraged, seemed initially resigned to the idea that they could not force AIG to halt the bonuses because the company was "contractually obligated" to pay them. The New York Times reports in their story which came out Saturday night: ...
National Outrage Forces Obama Administration To Act On AIG Bonuses
Politics on HuffingtonPost.com —
... However, the administration knew about these bonuses and, while outraged, seemed initially resigned to the idea that they could not force AIG to halt the bonuses because the company was "contractually obligated" to pay them. The New York Times reports in their story which came out Saturday night: ...
