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AIG To Pay Out $100 Million In Bonuses

Posted by Media Outrage on February 3, 2010

Some companies never learn.  AIG will pay out $100 million in bonuses…

Via AP:

NEW YORK – American International Group Inc. is set to pay out about $100 million in a fresh round of bonuses to employees of its financial products division, the unit whose risky bets helped sink the company leading to a $180 billion government bailout, according to reports published Tuesday.

AIG agreed to cut the retention bonuses by $20 million but will still hand out $100 million Wednesday, The New York Times reported, citing people with knowledge of the negotiations.

The Washington Post, also citing people familiar with the situation, said the retention payments are for employees at the division who agreed to accept 10 to 20 percent less than AIG had initially promised them two years ago. In return, they are getting their money more than a month ahead of schedule.

AIG is still due to pay out tens of millions of dollars more in March, mostly to former employees who did not agree to the concessions, the Post reported.

A message was left with an AIG spokesman seeking comment.

New York-based AIG faced intense public and Congressional criticism last March when it paid out hundreds of millions of dollars in retention bonuses to employees months after receiving the government bailout.

When the credit crisis hit in the fall of 2008, the U.S. government rescued AIG from the brink of collapse in exchange for an 80 percent stake in the insurer. AIG’s near collapse was not due to its traditional insurance operations, but instead risky derivatives contracts written by the financial products division.

Mediaoutrage–  Is that what you really do?  Even after a government bailout?  SMH.

6 Responses to “AIG To Pay Out $100 Million In Bonuses”

  1. Truly23 said

    If they are doing that, they need to go ahead and pay back the bailout money!!!! Greedy MF’ers!!! lol

  2. Ms. Behave said

    Ironic isn’t it?… same money Obama paid to haiti – $100 Million.

    What makes this worst, is the fact that this is a ‘bonus’ and not ‘pay’. Why are these mofo’s still alive again? vigilante justice anyone?

  3. brynnrock said

    FUCKED UP I would like to ee AIG fall to the ground with all the rich bastards. So we bail them out with our fuckin tax payin dollars and then they give it to the people who put us in the situation. This is backwards and unacceptable.

  4. Yvonne said

    LOL..what else is new. These ole boys ain’t about to give up getting their “bonus” money, bailout or not.

    You think they are going to change their lifestyle or shady business practices because we are going through a depression.

    When it comes to lining their pockets they give less than a f*ck about what people are going through now. They have been doing this shit for centuries and it’s not about to stop now.

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