AIG CEO says pay czar won't claw back pay: memo

[mule_train]

Source: Reuters

AIG CEO says pay czar won't claw back pay: memo
Thu Oct 22, 2009 4:47pm EDT

NEW YORK (Reuters) - AIG Chief Executive Robert Benmosche has moved to assure employees that recently appointed U.S. pay czar Kenneth Feinberg will not attempt to claw back compensation.

"It is important that all of you know that the Special Master's jurisdiction is quite limited, and we expect Feinberg's upcoming decisions on compensation to cover only the top 25 employees at AIG," Benmosche said in an internal memo distributed around the company late on Wednesday.

The memo, a copy of which was obtained by Reuters, said the company was in "direct, near-daily discussions" with Feinberg, who has told AIG he will not seek retroactive salary adjustments


Read more: http://www.reuters.com/article/newsOne/idUSTRE59L4UK20091022

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I love this

"In the months since its bailout, AIG has become a lightning rod for public anger as it agreed to stick to million-dollar bonus agreements for employees, including nearly $500 million for those working within AIG Financial Products, the unit at the center of its financial meltdown"

that'll teach them

what do you get for stealing a 10 year old car? 10 years

what do you get for stealing 180 billion from the US taxpayer? BONUSSES!!!!! WOO HOO!!!!

[NRaleighLiberal]

1. These people are utterly shameless....

[mule_train]

9. a story about a girl and a snake, warned of how AIG was going to thank us

A young girl was trudging along a mountain path, trying to reach her grandmother's house. It was bitter cold, and the wind cut like a knife. When she was within sight of her destination, she heard a rustle at her feet.

Looking down, she saw a snake. Before she could move, the snake spoke to her. He said, "I am about to die. It is too cold for me up here, and I am freezing. There is no food in these mountains, and I am starving. Please put me under your coat and take me with you."

"No," replied the girl. "I know your kind. You are a rattlesnake. If I pick you up, you will bite me, and your bite is poisonous."

"No, no," said the snake. "If you help me, you will be my best friend. I will treat you differently."

The little girl sat down on a rock for a moment to rest and think things over. She looked at the beautiful marking on the snake and had to admit that it was the most beautiful snake she had ever seen.

Suddenly, she said, "I believe you. I will save you. All living things deserve to be treated with kindness."

The little girl reached over, put the snake gently under her coat and proceeded toward her grandmother's house. Within a moment, she felt a sharp pain in her side. The snake had bitten her.

"How could you do this to me?" she cried. "You promised that you would not bite me if I would protect you from the bitter cold."

The snake hissed, "You knew what I was when you picked me up," and slithered away.

[aquart]

10. That's the scorpion story.

[napi21]

2. I've already heard & read that they don't have the authority to claw back.

The only way I can see that happening is if someone or some group suew AIG and a judge rules that these guys have to give the $$ back!

[notesdev]

3. It's not clawbacks that should worry them

it's boiled rope and pitchforks

[DJ13]

4. Mine!... Mine!.... Mine!

[sandnsea]

5. 175 Execs at 7 companies, that was the announcement

This article is just a flat lie. They pretend Feinberg said something he didn't, and then print an article as if they're refuting it. The memo was to inform employees of the particulars of the cuts and that employees aren't on the list.

http://thehill.com/homenews/senate/64317-schumer-supports-exec-pay-cuts-wants-more-reforms

[aint_no_life_nowhere]

6. Sounds like AIG is planning another million $$ vacation party at a spa retreat

One of these days, this is going to seriously backfire for AIG and others like them and it won't be pretty.

[mule_train]

7. 'we're all in this together'

you pay for my losses, and i give myself a bonus

it's a win win

[Dappleganger]

8. CEO's go well with BBQ sauce...

jus sayin'. :D

[Miss Authoritiva]

11. Beware word manipulation

As the media starts covering the story, watch out for inaccurate use of "compensation," "pay," "salary," "bonuses," and "packages." They'll be playing lots of games with these terms.

[Union Yes]

12. Bust the tyrant trusts!