The cheque's (not) in the mail -

The cheque’s (not) in the mail

Most AIG executives have yet to pay back the bonuses they received last March


Earlier this year, executives at AIG’s Financial Products division, which was widely blamed for putting the company in such a sorry state it needed a bailout worth $180 billion in capital and loans, hoped to stamp out the furor over their bonuses by promising to pay a good chunk of the money back. Of $165 million that was spread around in “retention bonuses,” the employees had pledged to hand back $45 million. And yet, as 2009 comes to a close, most of the money is nowhere to be found. So far, only $19 million of the $45 million has been recovered; the rest remains with employees who’ve since left the company and taken the money with them, and others who are simply refusing to give it back. AIG no doubt hopes to get the matter resolved as quickly as possible to avoid the spate of bad press and ill will the bonuses sparked last spring—especially considering it’s due to hand out another $198 million this coming March.

Washington Post

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The cheque’s (not) in the mail

  1. they successfully framed the issue to make it seem that if they didn't do the bailout things would be worse …i think (and i am not alone) that if the government hands out money to corporations they should get a stake of the profits or part ownership of the company ..this would go for our usual canadian corporate handouts too …or if they *lend* companies money they should charge the going rate of interest …the best way to help business is not by the government picking winners and losers but by making a better investment climate with low interest rates and low taxes ..not to mention less red tape

  2. Every single day 30,000 people in the world starve to death. Bailout, this vile world is a joke