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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.
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.