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AIG Gives Executives 165 Million Dollars In Bonuses

Written by | March 18th, 2009

Well, here we go again:

AIG, who received 175 billion in public tax payer dollars, in an attempt by the federal government to rescue this “failed” company, reported a historical loss of 6.7 billion in the last quarter (Oct-Dec) of 2008. Most people (I would think), in this scenario, would likely find it hard to believe that “any” executive, in this company would have “earned” a bonus. Nonetheless, AIG just recently gave 165 million dollars in bonuses to several executives.

Again, let me re-iterate: they receive 175 billion of “our” tax dollars, in the last quarter of 2008, they report the biggest loss by a company, in American history, and they just rewarded several executives with millions of dollars in bonuses.

When, and where will this madness end?

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3 thoughts on “AIG Gives Executives 165 Million Dollars In Bonuses

  1. markross Post author

    It is just so beyond belief; if a company can afford upward on 165 million dollars in bonuses, then how on Earth could they possibly need the government (us) to give them money?

    As I understand it, the contracts for the AIG executives were negotiated prior to this TARP madness. While, as a whole, AIG is failing, and there is no excuse to use The TARP ("troubled assets" fund) money for executive bonuses, I think that the government will make a big mistake by trying to recoup this money. They are walking a slippery slope if they are in fact breaching a contract; which may be protected by The Constitution; if this is the case, then the federal government would then be breaking the law, and this whole thing could be drawn out in court, costing more and more money; What a freaking mess!

    As mad as people are (and rightfully so) with AIG, it really does go back to the federal government; they are the enablers here, and they certainly could have prevented this from the onset, by not given up billions of tax dollars to these companies.

    I have also heard, the government was aware that these bonuses would be forthcoming, and now they are grandstanding because of the outrage of The American public.

  2. markross Post author

    WOW! Finally!

    The media and others are starting to look at the picture, in its totality:

    I was watching a panel type show today, and finally, the questions are starting to be asked..

    What "exactly" is the relationship between "all" of these institutions, and the federal government? Also, why is a substantial amount of these funds going overseas?

    While the truth can often be hard to stomach, we do need to know these answers, and without knowing the truth, we (the citizens) may never be able to trust in our federal government again.

    Once we have transparency and truth, then hopefully we can start making amends, or the necessary reforms.

    WOW! I "do not" want to jump the gun, but this could wind up being a very large scandal; even bigger then Watergate.

  3. markross Post author

    "A bill of attainder, is a legislative act which inflicts punishment without judicial trial and includes any legislative act which takes away the life, liberty or property of a particular named or easily ascertainable person or group of persons because the legislature thinks them guilty of conduct which deserves punishment."

    Evidently, The Constitution forbids both federal and state governments from enacting bills of attainder.
    So, what does this mean? This means that after Congress tries to retrieve this money back from these executives, they could very well be breaking the law; which could in turn, could give these executives at AIG, legal recourse.

    As I understand it, the bonuses were approved in the language of the so-called stimulus bill that most of our esteemed leaders failed to read.

    In other words, it is likely our federal government's fault that these executives got these bonuses. However, it came as much of a surprise to "most" of them, as it did to us.



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