AIG to Dole Out $165 million in Bonuses

Greenberg and AIG's CFO were investigated by Elliot Spitzer for just about every fraud and unetical business practice known to man in 2004-2005. No charges were filed, but that more than anything led to his ouster from my knowledge of the situation.

Coincidentily the year after he was outed AIG had to restate their Financials to the tune of 18 billion. I had the pleasure of working that audit. It was awesome if you like 22 hour days.

 

Greenberg and AIG's CEO were investigated by Elliot Spitzer for just about every fraud and unetical business practice known to man in 2004-2005. No charges were filed, but that more than anything led to his ouster from my knowledge of the situation.

Coincidentily the year after he was outed AIG had to restate their Financials to the tune of 3 billion. I had the pleasure of working that audit. It was awesome if you like 22 hour days.

 

He was forced out. You see a lot of him now because he's out there trying to extract his pound of flesh. He's pissed because he was run off and he's relatively broke as his net worth has dropped from 1.8 Billion to $100 Million, primarily due to the precipitous fall in AIG's stock price. He played no small part in what has happened to the company he built.

 

That's pretty funny, we'd all like to be so "relatively broke"!

 

Broke is when you lose your house, move in with relatives, get on food stamps, and take any job, no matter what it is or how much it pays.

He ain't broke!!

 

Relative to $1.8 Billion, not relative to schmucks like us.

 

You can't be in the us category with your taxpayer funded million dollar bonus you're getting.

 

http://www.youtube.com/watch?v=UP73cK3GXdo

 

I know you're joking, but I have to admit that all of the outrage being expressed in the media, even my beloved Fox News, is getting under my skin. They make it sound like AIG is gleefully doling out taxpayer money to unworthy executives who then laugh all the way to the bank.
The bonuses are paid because outside counsel advised that the contracts were binding. However, what the media doesn't tell you is that those Financial Products execs are not getting off scot free. Let me share a portion of AIG CEO's letter to Geithner:

Let me know when you hear that on the news.

 

Even some of your beloved republicans are bashing this. While I am against the payout, govt' should have thought about this before they gave AIG the funds, should have been some legal strings attached. Like voided some clauses in employee contracts.