AIG 2009 Bonuses Making Americans Angry!
Uploaded on Mar 16, 2009 / 131 views / 203 impressions / 0 comments
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Despite the pending collapse of the American economy, AIG still insist on paying out over 165 million dollars in bonuses. The real crime is the fact that, even next year, Obama will only reduce the bonuses by 30% Wake up people.
"For them...
Despite the pending collapse of the American economy, AIG still insist on paying out over 165 million dollars in bonuses. The real crime is the fact that, even next year, Obama will only reduce the bonuses by 30% Wake up people.
"For them to simply sit there and blame it on the previous administration or claim contract we all know that contracts are valid in this country, but they need to be looked at," McConnell said. "Did they enter into these contracts knowing full well that, as a practical matter, the taxpayers of the United States were going to be reimbursing their employees? Particularly employees who got them into this mess in the first place? I think it's an outrage."
In an interview that aired Sunday on CBS' "60 Minutes," Federal Reserve Chairman Ben Bernanke did not address the bonuses but expressed his frustration with the AIG intervention.
"It makes me angry. I slammed the phone more than a few times on discussing AIG," Bernanke said. "It's it's just absolutely I understand why the American people are angry. It's absolutely unfair that taxpayer dollars are going to prop up a company that made these terrible bets that was operating out of the sight of regulators, but which we have no choice but to stabilize, or else risk enormous impact, not just in the financial system, but on the whole U.S. economy."
AIG reported this month that it had lost $61.7 billion for the fourth quarter of last year, the largest corporate loss in history.
In a letter to Geithner dated Saturday, Liddy said outside lawyers had informed the company that AIG had contractual obligations to make the bonus payments and could face lawsuits if it did not do so.
Liddy said in his letter that "quite frankly, AIG's hands are tied," although he said that in light of the company's current situation he found it "distasteful and difficult" to recommend going forward with the payments.
