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AIG to pay $450 million in bonuses this week!

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posted on Mar, 15 2009 @ 02:56 PM
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AIG to pay $450 million in bonuses this week!


rawstory.com

Ailing insurance giant AIG is planning to give out $450 million in bonuses this week to executives who led the firm to a $99.3 billion dollar loss in 2008.

Although AIG has agreed to cut back on multi-million-dollar bonuses for its highest ranking officers, the firm's lower-ranked employees are still set for a massive pay day. The bonuses are for staff at AIG's London subsidiary, AIG Financial Products, which helped trigger the collapse, the Wall Street Journal reports.
(visit the link for the full news article)



Related AboveTopSecret.com Discussion Threads:
AIG Execs Who Ruined Company To Get $165 Million In Bonuses




posted on Mar, 15 2009 @ 02:56 PM
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This is just outrageous ... so they cut back on the exec's pay, but boost the lower people ... i don't care if they need to meet a quota this is the place that supposedly helped to trigger the whole collapse ... why do these people even have jobs there still? it's not just the exec's fault, it's everyone who was an employee ... they could have blown a whistle, and possibly gotten paid millions by the government in compensation, of course they probably would have been black listed ... i don't i just don't think it's the right thing ... of course what does this company know about doing the 'right thing'?

Thoughts?

rawstory.com
(visit the link for the full news article)



posted on Mar, 15 2009 @ 03:09 PM
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I work at a chevy dealer and get paid bonuses only when we beat the previous year's profits. Needless to say, I've seen 1 bonus in the last 10 months, and it's only $250 lol.

How in the hell are these guys getting their bonuses? Anyone know what the bonus structure is for them?

[edit on 15-3-2009 by breakingdradles]



posted on Mar, 15 2009 @ 03:43 PM
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Blame the government for giving them OUR TAXPAYER money in the first place.

Give them hell....this doesn't happen if the government doesn't give handouts.



posted on Mar, 15 2009 @ 04:19 PM
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reply to post by breakingdradles
 


they are getting they're bonuses with taxpayer money ... and this is a london company ... they're getting rewarded for performing one of the greatest scams and getting paid by the government for doing it ... with the bailouts...



posted on Mar, 15 2009 @ 04:23 PM
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Yeah, I'm pretty leary of all the stimulas. I guess it's too late now. They said we needed to do something to save the economy. Ok we have. It makes me sick though to see stuff like this from AIG and the planned vegas trip from wells fargo and the list goes on and on. I don't think it's a bad thing if some of these companies go bankrupt. Let em. Speaking of stimulus money ..how come our education system hasn't gotten any money?????????



posted on Mar, 15 2009 @ 04:26 PM
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The following is my opinion as a member participating in this discussion.

I agree, on the surface it's infuriating. But as I understand it, the bonuses are a result of a contractual obligation between the company and the employees getting the bonuses.

By not paying the bonuses, they'd be exposed to litigation for breach of contract. So it's pick your poison. Take a further battering in the Court of Public Opinion (which is happening anyway) or end up in a losing court fight, which would generate even more public ill will, big legal fees, and pay the bonuses anyway after losing a judgment which is a foregone conclusion.

I'd like to see the government reduce the amount of any funds going to them by an amount equal to the bonuses they're paying out. Make 'em figure out another way to make up the difference. Of course, that would carry its own separate baggage.

There is no good answer.

As an ATS Staff Member, I will not moderate in threads such as this where I have participated as a member.



posted on Mar, 15 2009 @ 04:37 PM
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I just can not wait to pay my taxes this year! You know, anything to help obama's friends get richer!
sob's



posted on Mar, 15 2009 @ 04:43 PM
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Originally posted by yeahright
I agree, on the surface it's infuriating. But as I understand it, the bonuses are a result of a contractual obligation between the company and the employees getting the bonuses.


Given that the government holds a 79.9% stake in AIG, and given that three government-appointed trustees control the company as of January, doesn't it stand to reason that ... I dunno... there's some means for some butthead in Washington to step up and say "QUIT GIVING MONEY TO THE IDIOTS WHO RAN THIS COMPANY INTO THE GROUND!"? Do we, as taxpayers, not now own this business, good and bad?

Wishful thinking, I'm sure, but I find it hard to believe that everyone has to just stand back and watch federal money to go pay bonuses for such stellar performance.



posted on Mar, 15 2009 @ 04:46 PM
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"the bonuses are a result of a contractual obligation between the company and the employees getting the bonuses"

So the employees have a contract which states they will get bonuses if the company loses $99 Billion? What kind of company would write such a bonus plan for their employees? Aren't bonuses usually based on the financial performance of the company? Looks like the taxpayer has been scammed once again. That's what happens when you get brainwashed into paying taxes and keeping your mouth shut.

[edit on 15-3-2009 by SphinxMontreal]



posted on Mar, 15 2009 @ 05:13 PM
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I think the CIA needs to get a hold of Bin Laden and make plans for that AIG building. I know I wouldn't be crying if they all died.



posted on Mar, 15 2009 @ 05:21 PM
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This is elitists baiting the people to provoke riots. I would ignore this news, as we all know this is common practice and big corporate management is all corrupt and so hopelessly clueless that they will tend to kill their own golden geese with time anyway.

A fair number of them will use the money to OD and stuff like that, becoming their own punishment, so I think it's best just to shrug and move on. Bad apples in that there basket.



posted on Mar, 15 2009 @ 05:23 PM
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The following is my opinion as a member participating in this discussion.


Originally posted by SphinxMontreal
So the employees have a contract which states they will get bonuses if the company loses $99 Billion?


No, the employees had a contract where the bonuses were not tied to the company's profitability at all.

If you work for a corporation that contractually agrees to pay you a bonus not tied to the company's performance, I'm sure you'd expect to be paid even if the company's profits fell.

You perform -x- task which triggers a bonus. Would you take the company to court for breach if they didn't pay you the bonus based upon something out of your control which wasn't part of the contract?

This is why a lot of companies give stock option bonuses. No increase in stock price can mean no value to the bonus, depending upon the way it's structured. Of course, that creates its own set of issues.

As an ATS Staff Member, I will not moderate in threads such as this where I have participated as a member.




[edit on 3/15/2009 by yeahright]



posted on Mar, 15 2009 @ 05:28 PM
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reply to post by yeahright
 


point taken ... i just wish somewhere in the contract it stated that they should act in the best interests of it's customers, rather then for themselves ... if it did i'm sure that they would have breached they're contract plenty of times by now and would have been sued, fired, etc...

reply to post by anachryon
 


good point, what i don't get is since the U.S. government owns 80% of it why don't they 're-structure' aka lay-off the people ... they could sue the U.S. for breach of contract, but they would have a heck of a time trying to do that ...



posted on Mar, 15 2009 @ 06:01 PM
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reply to post by baseball101
 


Honestly, I'm just going to walk in there and take all those bonus checks for myself. Screw this.



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