AIG to pay $450 million in bonuses to financial-products employees
Cough! [Spits out coffee.] WHAT?! I did just read that, right? Hold on…lemme read that again just to be sure…
Yep, I did read that right. Here’s part of their excuse:
The payments to 400 employees of the financial-services unit — some of whom no longer work at the insurer — were promised last year before the federal government bailout. Bonuses range from as little as $1,000 to as much as $6.5 million.
And then they go on to say:
[Chief Executive Edward] Liddy also pointed out he won’t receive a bonus and that the company cut bonus payments for it senior executives. The top 25 executives in the financial-product unit, moreover, have agreed to accept a salary of just $1 for the rest of 2009, his letter said.
Liddy needs to go away. We own 80% of that company now. I say fire his ass!
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