And all those poor bankers.:o
Thank God they were able to get their bonuses after your government bailed out their failed companies.
American Inconscionable Group
Written By Elizabeth MacDonald, Published March 17, 2009, FOXBusiness
AIG paid bonuses of $1 mn or more to 73 employees at its financial-products division, including 11 who no longer work for the company, New York Attorney General Andrew Cuomo said. The top 10 bonus recipients received a combined $42 mn, he said.
AIG’s financial products unit lost $40.5 bn last year.
“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,” Mr. Cuomo wrote in the letter. “Something is deeply wrong with this outcome.”
Cuomo has launched an investigation into the bailed-out company, which received taxpayer funding of more than $170 bn, following revelations that it distributed $165 mn in executive bonuses. The bonus payouts for the Financial Products unit are expected to reach $450 mn, while bonuses for the entire company could be around $1.2 bn.
Eleven AIG personnel who received retention bonuses of $1 mn or more no longer work for the firm, including one who received $4.6 mn.
Read more: foxbusiness.com/markets/2009/03/17/american-inconscionable-group#ixzz2ceiP3SIV