Wednesday, March 18, 2009

AIG: Arrogance Incompetance Greed

From Al-Jazeera:
"Edward Liddy, the head of American International Group (AIG), a US insurance giant, told the US Congress that the "cold realities of competition" forced the company to pay out $165m in bonuses that have enraged the US public."


"the so-called "retention bonuses" include over $33m for 52 people who have left the company.

AIG has been kept afloat with more than $170bn of taxpayers money since September."
Read the entire Al-Jazeera article here.

"In the last three months of 2008, AIG lost $61.7 billion, the largest quarterly loss of any company in the history of capitalism. Nevertheless, the company is paying out--and publicly defending--huge bonuses to managers, including 73 checks in the $1 million-plus range."
UPDATE: "A.I.G. Chief Asks Bonus Recipients to Give Back Half". How stupid does this moron think most people are? At first he defends the right to "compensate" executives with opulent bonuses... now he 'admits' that there is something amiss here and opts for the tepid non-solution of 'perhaps encouraging them to give half of it back'... is he begging to be refuted, or is this a serious attempt to stave off criticism? Fucking unreal.

No comments: