73 AIG Bonuses over a Million Bucks each ?

18 03 2009

Absurd. This is the first article I have ever commented on that I made a judgement in the first word. But there it is. For Federal Regulators to allow these complex and incredibly dangerous financial hustles was bad, really bad. To bail the perpetrators out is still undecided… it may have been a mistake or it may have been prudent. We will not know for a few years. But to allow 165 million dollars in guaranteed bonuses while AIG is the largest single recipient of bailout funding is 100% ABSURD.

aig-baby

Adding insult to injury, the AIG spokesman told reporters that they were not going to release the names of the millionaires because they would be targets for violence. That’s interesting. I wonder who was going to go after them? Taxpayers? Getting more absurd by the minute there are almost 10 execs getting more than 4 million a piece for last years hard work. And 22 execs are getting more than 2 million a piece.

When I was an Officer at a number of Wall Street financial firms we were members of a “bonus pool”. That is to say if the company was profitable, we all got a bonus, and our bosses divided up the bonus pool based on individual performance. For the US Government to allow a guaranteed bonus system to prevail knowing well that AIG was going to get the biggest bailout of them all is beyond reason. To say these people are necessary to unwind their complicated financial schemes is also totally absurd. Like they are the only rats that know where the cheese is hidden?