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Treasury Boldly Adds “Sugar On Top”
d r i f t g l a s s —
To the “Please, please, please, pretty please” it has already offered AIG. From the NYT: A.I.G. Planning $100 Million in Bonuses After Huge Bailout By EDMUND L. ANDREWS and PETER BAKER WASHINGTON — Despite being bailed out with more than $170 billion from the Treasury and Federal Reserve, the American International Group is preparing to pay about $100 million in bonuses to executives in the same business unit that brought the company to the brink of collapse last year. An official in the Obama administration ...
Why are we still giving money to AIG?
Brilliant at Breakfast —
I realize that Tim Geithner hasn't been able to find much staff that will pass muster with Congressional Republicans and the media, but one would think that a Treasury Secretary ought to carry at least some moral authority. But the top brass at AIG is starting to look like Nelson Muntz: ...
$100 Million In Taxpayer Money Going To AIG Top Executives
DownWithTyranny! —
... Now something I do get upset over is when taxpayer money-- we bailed out AIG to the tune of $170 billion-- gets put into bonuses for the failed executives who have forced their companies onto the public dole. In fact, I'm fuming over a report in the NY Times that AIG is paying out "about $100 million in bonuses to executives in the same business unit that brought the company to the brink of collapse last year." Geithner told them that that's a no-go but the government-appointed chairman, Edward Liddy (a Republican scumbag who has donated thousands of dollars ...
Rewarding failure
Political Animal —
... started bailing out the firm in September that employees would be awarded more than $400 million in retention pay this year and next. Now, just to clarify, Liddy and AIG's other top six executives already agreed to forgo their bonuses. How nice of them. Today's revelations deal with bonuses for AIG's next 43 highest ranking officers -- who run the AIG Financial Products unit, which was responsible for the company's mess in the first place. The Obama administration was reportedly " outraged ," expressed "deep consternation," and told AIG this was "unacceptable." The Treasury ...
The only bonus you have earned is my scorn
Whiskey Fire —
... The folks over at the American International Group are at it again (big sigh). They are going to pay 165 million in bonuses to employees within their financial products division by this Sunday. This is the same unit that trashed both the company and our economy. AIG has responded to the ire of the treasury secretary and others within the current administration by reporting that they are legally and contractually obligated to pay these bonuses and besides, (mythology alert) we need to offer these bonuses to keep the talent we have. ...
AIG to pay $165 million in bonuses
The Reaction —
... I understand the systemic risks, I understand the legal reasoning, but giving bonuses to the exact people who took the entire world economy to the brink is ludicrous. With the taxpayers' $170 billion investment in AIG, do we not have have the power to simply spin off and destroy the Financial Products division of AIG (again, the group that made these bad deals and are receiving the bonuses) and leave the well-run insurance division intact? ...
Do Not Pass Go Do Not Collect $200
Bitch. Ph.D. —
... Millions for defense, not one cent for tribute! Does anybody still believe the holdup, sorry, the bailout was intended, to benefit the American people? Mind you, AIG is paying out millions of tax dollars in bonuses to their ...
AIG Outrage Dominates Sunday Shows
The Huffington Post | Full News Feed —
... Republicans, Democrat and administration officials alike expressed annoyance and indignation with the news that insurance giant AIG had decided to pay out $165 million in bonuses despite receiving $170 billion in taxpayer bailout funds. ...
AIG Outrage Dominates Sunday Shows
Politics on HuffingtonPost.com —
... Republicans, Democrat and administration officials alike expressed annoyance and indignation with the news that insurance giant AIG had decided to pay out $165 million in bonuses despite receiving $170 billion in taxpayer bailout funds. ...
AIG Bonuses Cause Furor
TalkLeft —
The chances of a future TARP are hurt by news like this: The American International 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. Word of the bonuses last week stirred such deep consternation inside the Obama administration that Treasury Secretary Timothy F. Geithner told the firm they were unacceptable and demanded they be ...
Paying out the Swag
Newshoggers.com —
... By BJ Bjornson
I wish I could say I was in the least bit surprised by this:
The American International 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.
. . .
The payments to A.I.G.’s financial products unit are in addition to $121 million in previously scheduled bonuses for the company’s senior executives and ...
WSJ: AIG bonus figure $450 million, not $165 million, as Times and CNN stated
Corrente —
WSJ.
Times; CNN.
Well, which is it? Just out of curiousity. Since it is, after all, my money, because I've been doing my little bit to bail out AIG.
I mean, I know that salespeople always make the most money, and deservedly so -- but does that also apply to salespeople selling toxic paper? Read more…
What Talent?
Lawyers, Guns and Money —
Shorter Verbatim A.I.G. head Edward Liddy: "We cannot attract and retain the best and the brightest talent to lead and staff the A.I.G. businesses — which are now being operated principally on behalf of American taxpayers — if employees believe their compensation is subject to continued and arbitrary adjustment by the U.S. Treasury." Yes, I can't imagine the consequences if people responsible for losing more than a billion dollars a week were to lose performance-based ex post facto compensation. Similarly, it's too bad that the Lions couldn't have received a bailout so they wouldn't have been faced with the prospect of ...
AIG Corporate Crooks to Get Million Dollar Welfare Bonuses
Tennessee Guerilla Women —
... The American International 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. ...
Capital Punishment: What Should We Do To Wall Street's Villains?
MoJo Blog Posts: mojo —
According to the principles of retributive justice, punishment is supposed to be more or less in proportion to the magnitude of a crime. So—which do you think is an appropriate punishment for the Wall Street executives whose greed and corruption not only bankrupted their own companies, but set in motion a meltdown that has deprived millions of Americans of their homes and their life savings, driven millions more into unemployment and poverty, and triggered economic chaos, political unrest, and even starvation and death around the world?
A. Don’t give them a bonus this year. ...
Treasury Attempts to “Blame Dodd” for AIG Bonuses
Firedoglake —
photo by Barrybar
In an attempt to get out of the way of the AIG bonus train wreck, it looks like the designated sin eater is going to be Chris Dodd:
The administration official said the Treasury Department did its own legal analysis and concluded that those contracts could not be ...
White House Throws Chris Dodd Under Bus To Protect Geithner and Summers
Open Left - Front Page —
... . Now, sources deep inside the Obama administration are telling the press that the bonuses are Dodd's fault, and that Geithner is the one who is outraged: ...
Perino Defends AIG Bonuses: They Are ‘Middle Class People’ Who ‘Are Expecting To Get This Bonus’
Think Progress —
... that bailed-out insurance giant AIG will be paying $165 million in bonuses to executives “in the same business unit that brought the company to the brink of collapse last year” have sparked ...
Perino Defends AIG Bonuses: They Are ?Middle Class People? Who ?Are Expecting To Get This Bonus?
The Hollywood Liberal —
... that bailed-out insurance giant AIG will be paying $165 million in bonuses to executives “in the same business unit that brought the company to the brink of collapse last year” have sparked ...
Don't blame Dodd
The Reaction —
By Michael J.W. Stickings Another must-read, an extremely important one, from Greenwald: There is a major push underway -- engineered by Obama's Treasury officials, enabled by a mindless media, and amplified by the right-wing press -- to blame Chris Dodd for the AIG bonus payments. That would be perfectly fine if it were true. But it's completely false, and the scheme to heap the blame on him for the AIG bonus payments is based on demonstrable ...
Who Asked Senator Dodd To Defang Anti-Bonus Provision?
TPMMuckraker —
... The anti-bonus provision has been the subject of several posts in the liberal blogosphere today, after an anonymous administration official was quoted in the New York Times Sunday appearing to place the blame on Dodd for the weakening of the language. ...
