AIG Giving Employees $503 MILLION In Deferred Compensation! [The Black Hole Sucks Again!]

11/14/2008 02:35:00 AM

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Can someone PLEASE explain to me WHY this black hole company was saved and WHY they keep sucking getting money and WHY doesn't someone let them fail?  What does AIG have or have over the government that no other financial institutions do?

And this comes just after news of AIG whining about their loan and asking for more money for a total loan of now $152 billion, and days after another junket was learned to the tune of $343,000.

According to the Washington Post, AIG "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." Yet earlier this week, Treasury officials said they had imposed some of the most stringent limits ever on AIG execs bonuses and compensation for the additional bailout.  And this comes at a time when AIG posted $37.63 billion in losses for their 3rd Q numbers. 

Ashooh, AIG's normal BSer, spokesman said that more than 6,000 employees are covered by AIG deferred compensation plans, but declined to name any employees or [SURPRISE!] the number of top execs who will receive the payouts.  [SO lets run some numbers real quick.  That's 6,000 employees, and half a billion dollars, which figures out to about ohhh.. $80,000 plus per person.  Nice Christmas gift, don't you think?]

In AIG's defense, Ashooh said, "This is not taxpayers' money they are going to run away with."  "We are trying to take the incentive away for people to leave now, until we have time to get the company running right again," he added.  [Anyone notice lately if Ashooh's nose is growing?  And why would anyone leave with how tight jobs are on Wall Street right now, and with the high number of such unemployed?  Exactly where would they go, since nearly all financial companies have a hiring freeze on right now.  Can you say "Doesn't pass the smell test" boys and girls?]

Ohh.. umm.. Mr. Waxman?  Sir, may I see the receipts for this please, since I've helped bail their butts out WAY TOO MANY TIMES?   Personally, I'd say FORGET IT.  If you have to pay someone extra to keep them on with unemployment as high as it is right now, then let them go, especially if there is no contract between AIG and the employee.  There are thousands of financial advisers and such without jobs right now from Wall Street.  They will be MORE than happy to take their place and have a job again to those who don't want to work.  Especially since your CURRENT workers can't seem to show the company a profit. Hello, $37.63 billion loss in the 3rd Q!  Show me the money!

And I'd give Liddy until the end of the year, to begin to turn the company around, especially since when AIG was first bailed out, he stated that the original loan would be paid off by the end of this year.  If he can't/won't/doesn't, then it's time to replace him.


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