TPM: AIG bonuses worse than thought - $450 million to 'products division'

[deminks]

http://www.talkingpointsmemo.com/archives/2009/03/just_gets_worse.php

The first reports said either $100 million or $170 million in bonus payments. But there was a lot of unclarity about what kind of bonuses they were and how many were going to the folks at AIG 'financial products' division, where they wrote those credit default swaps that blew up the company and will likely cost taxpayers hundreds of billions of dollars.

But the Journal says the number is actually $450 million to execs at the financial products division and a $1.2 billion spread across the whole company.

As you can see, despite the fact that this relatively small division of the company created almost all the loses, it's still drawing in a vastly disproportionate share of the cash bonuses.


WSJ link here:

http://online.wsj.com/article/SB123707854113331281.html#mod=testMod

[Double T]

1. Nothing like in your face corruption and malfeasance.

[Jackpine Radical]

The problem with the Democratic Party is that it's at least partly pro-capitalist.

I wanna tear these gigantic fuckers down and nationalize them and render the ill-gotten lard from the bodies of the corporate pigs.

I got nothing against small business, and there's nothing in socialism that says everything has to be nationalized, but when it gets to the point that the government is nothing but an appendage of the 1000 or so swine who own EVERYTHING IN THE GODDAM WORLD and obviously care about nothing except their own power and aggrandizement, then I think it's time to tear it down and start over.

[RC]

2. Federal marshals need to go into AIG with guns drawn and arrest the whole lot for grand theft.

[BlooInBloo]

3. I'm gonna go out on a limb and predict that this will not go over well.

[targetpractice]

4. I'm a product manager by profession...

And, I don't know any fellow product manager that would expect to get a bonus if their cockamamie product idea happened to ruin the company or global economy.

[madrchsod]

5. is`t that called the "defective products division"?

[deminks]

6. Kick once for the morning light.