AIG to Pay $503M To Top Workers-Move Comes on Heels Of Revised Bailout

[babylonsister]

AIG to Pay Millions To Top Workers
Move Comes on Heels Of Revised Bailout

By Carol D. Leonnig
Washington Post Staff Writer
Friday, November 14, 2008; Page D01


American International Group plans to pay out $503 million in deferred compensation to some of its top employees, saying it must tap the funds to keep valuable workers from exiting the troubled insurance giant.

News of the payments to top AIG talent comes as the federal government has just put more money into saving the company from bankruptcy, beefing up the total public commitment to $152 billion. Meanwhile, members of Congress are questioning the company's expenditures -- including lavish business trips to resorts -- during a time when taxpayers are on the hook for the bailout.

AIG's troubles stem from bad bets it made guaranteeing and buying risky mortgage investments. On Monday, the U.S. government announced that it would have to expand its rescue of the company to nearly double the $85 billion loan it first provided in September when AIG was unable to pay billions of dollars in claims.

Treasury officials said earlier this week that they had imposed some of the most stringent limits ever on AIG executives' bonuses and compensation in exchange for the broader bailout.

more...

http://www.washingtonpost.com/wp-dyn/content/article/2008/11/13/AR2008111304446.html

[aquart]

1. Because who, exactly, is clamoring to hire these greedy bozos?

Take the money back. They obviously have more than they said they did.

[exboyfil]

3. Please leave Paulson and don't let the door hit you on the way out

I am hoping and praying that the next Sec. of Treasury has the following background:

*Economics training at least to a M.S. level (preferably a PhD)
*Actually was successful at starting and running a company that made something besides trading pieces of paper back and forth

No more Wall Street money types --- Please

I almost gagged years ago when we were told not the worry about our manufacturing base because our service sector is growing including INNOVATIVE FINANCIAL INSTRUMENTS.

[OhioChick]

2. Nice...

:grr:

[Thrill]

4. Paulson just raiding the Treasury giving it to his friends

[Selatius]

5. This sucks. They probably weren't worthy of receiving any help after burning so many people. nt

[Gidney N Cloyd]

6. "to keep valuable workers from exiting..." TO FUCKING WHERE????

WHERE'S THIS MARVELOUS JOB MARKET?