AIG Employees told "They have no Rights"!!

AIG has just sent a memo out to its senior executives stating that employees that have put money into the savings plan may not be able to get it out! Heres a little bit of it so far.. I am looking for more on it now, but I have posted the video and then a summery of the video just in case you can't watch it.

Video - www.cnbc.com...

Summery of video -

"AIG is not required by the Executive Plan to segregate differed monies, or purchase assets, or place assets in trust for the purpose of satisfying AIG's obligations under the Executive Plan. You will have no rights under the Executive Plan other then as an unsecured general creditor of AIG. However, AIG may place assets in a special type of trust, but any such trust assets will remain subject to the claims of AIG creditors and no participant will have any secured interest in or claim on any such assets."

Basically from what I have gathered so far they are taking the money that the employees put into savings accounts and using it to pay off the government.. That is NOT RIGHT!!! How long before something like this happens to your bank accounts?? This may not be relevant to some people, but to me its a sign of things to come. What do you guys think?? Is this relevant in your eyes, or simply AIG steeling from their employees.

These are the EXECUTIVE ACCOUNTS, therefore they deserve to lose it. They would have had a chance to recoup their losses if AIG had declared bankruptcy and failed out. Bad Banker!!! No maserati for you!

reply to post by 2stepsfromtop


That is VERY true! I didn't think of it like that at all. Good point. I saw it as Americans losing their savings, but you are right. Still, it could come our way sooner or later.