AIG is giving away millions of dollars in payments to their executives. According to CEO Liddy,the firm was legally obligated to make 2008 employee-retention payments.
Hello? Retain the fuckers who caused this train wreck?
Who the hell is gonna hire these guys?
“We cannot attract and retain the best and brightest talent to lead and staff the AIG businesses,which are now being operated principally on behalf of the American taxpayers _ if employees believe their compensation is subject to continued and arbitrary adjustment by the U.S. Treasury,”Liddy said.
Like that’s working out so well.
AIG’s financial products unit is getting $165 million in bonuses. These are the guys who sunk AIG.
Really these guys need to be acknowledged for their work.
Scenario #1 is to give them their bonuses in the products (derivatives contracts) they sold at the Sale Prices. Let them work on a commission basis straightening these out!
One of the funny things here is that for some reason,AIG can’t seem to cancel these contracts and return unused premium payments. Businesses like insurance companies do this shit to private folks all day long.
Scenario #2 comes from Aaron Zelinsky at the Huffington Post:
“Treasury Secretary Tim Geithner should direct the Commissioner of Internal Revenue to challenge the AIG bonuses as unreasonable compensation under the Internal Revenue Code. Finding the AIG bonuses to be unreasonable compensation would render them nondeductible for federal tax purposes,and would strengthen potential shareholder derivative suits to recapture The Great AIG Giveaway. …”
Yeah,I think these bonuses would qualify as unreasonable compensation!
Since the US Owns 80% of AIG,this ought to be a no brainer. But we should never underestimate the power of the government to screw shit up.
The elegant part of this solution is that AIG cannot write these off on their taxes.
The bonus payout excesses at AIG are just the tip of the iceberg of what is happening with the other Wall Street bailouts including Bank of America. Working productive Americans are bailing out the same crooks that destroyed our economy along with 45% of the wealth in the world and now the American taxpayers and our children will be forced to live a far lower standard of living with reduced prosperity and opportunities due to this but only we pay the price.
Washington has bailed out the banks,Wall Street &their Washington special interests and much of the cost is added to the national debt to by paid by this and future generations while real estate and investments continue to fall. Find out what a growing repudiate the debt movement could mean for treasuries,the dollar,gold and the stock market and how this is a better alternative than Washington’s plans to monetize the debt in future years and tax and destroy our remaining wealth by depreciating the dollar.
The Campaign to Cancel the Washington National Debt By 12/21/2012 Constitutional Amendment is starting now in the U.S. See:http://www.facebook.com/group.php?gid=67594690498&ref=ts