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...At least 73 employees of AIG's Financial Products unit -- the London-based division of the insurance giant that sold the high-risk derivatives blamed for the company's near-collapse -- got bonuses of at least $1million out of the $165 million pot of bonuses that was recently revealed, New York Attorney General Andrew Cuomo said moments ago.
Cuomo subpoenaed AIG yesterday for details of the bonuses. AIG has received $173 billion in government bailout money to stay in business.
According to Cuomo, 11 of the AIG employees who received bonuses are no longer with the company, obviating the concept of the "retention bonus."
Also, $42 million of the $165 million in bonuses was given to 10 AIG employees, Cuomo said.
"Again, these payments were all made to individuals in the subsidiary whose performance led to crushing losses and the near failure of AIG," Cuomo writes. "Thus, last week, AIG made more than 73 millionaires in the unit which lost so much money that it brought the firm to its knees, forcing a taxpayer bailout. Something is deeply wrong with this outcome."
courtesy of www.The International Forecaster. com/
(the current article is top-of-page index until this Wed., so no further address is needed)
World economy to contract for first time in 60 years
More sustained, concerted policy actions needed to revive growth
G-20 summit scheduled for April 2 in London
Governments must brace for a prolonged period of “social unrest” due to the current financial crisis that has rendered millions of people unemployed, International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn told representatives of the International Labour Organization (ILO) on Monday.