Douglas Poling, AIG Executive Who Received $6.4M Bonus, Will Return Payment: Report

Wall Street Journal:

Some top employees of American International Group Inc.'s disgraced Financial Products group have agreed to return hefty retention bonuses under mounting public outrage over $165 million in payouts to a unit that brought the insurer to its knees.

Among them was Douglas Poling, who received the richest payment of more than $6.4 million, according to a person familiar with the matter. Mr. Poling, the 48-year-old son of a former chief executive of Ford Motor Co., is an executive vice president with responsibility for energy and infrastructure investments. He is one of the roughly 418 current and former employees from AIG's financial-products unit who received bonus payments. Mr. Poling declined to comment.

Read the whole story: Wall Street Journal

Comments

[Koletin Lee]

Through further research i found that Douglas Poling graduated from Yale with honors. So whoever said he has prolly never worked a day in his life think again. Is there anyone here that can say that they were able to accomplish that? I know I can't and with that i give this man my respect

[Koletin Lee]

What more could you want the guy to do than give it back? People need to quit blaming their own misfortunes on the wealthy, they are not responsible to take care of you. As to the person who earlier said this guy has prolly never worked a day in his life. What kind of statement is that. He obviously had to do some pretty hard work to get the job he has and make the money he does.

[sammy cole]

Douglas Poling, it's the right thing to do, Hats off! I hope all the rest return their bonuses and respect The US American Taxpayer !!!

[Huffabout]

"Hats off" to this guy? That's going a little too far. The guy TOOK the money. He only "said" that he was returning it after his name was exposed in the press, with a photo of his mansion in Fairfield, Connecticut, the police force had to work double-time to protect his house, his large tract of land, and luxury cars, and his campaign contributions to Chris Dodd were exposed. Gee, what a hero. Hats off to him. If his name was protected, as Liddy had wanted, I doubt he'd ever offer that 6.4 million back, or "half" of it, as Liddy requested-- a mere 3.2 million. The guy is a crook. Keep your hat on when passing him.

[1ladybug]

Again Congress, Media, and the People led by the Media can not see the forest for the trees. They are focused on the $165 M bonuses instead of the larger picture, the failure of big business and Wall Street to regulate its self, and to be good corporate citizens. Big Business and Wall Street need to be overhauled and strictly regulated. But Congress and the Media are picking one small battle for their outrage. They are trying to win one small battle of greed instead of trying to win the battle to fix the much bigger problem overall. The GOP says it wants less government, more free market but it hasn't worked. Now they are outraged and pointing fingers. Well how are they going to justify their outrage when bills come forward to strictly regulate Wall Street and Big Business? How are they going to claim that government needs to let the market place regulate itself, and that government needs to stay out of it? How are they going to claim that we need less big government­.? Be angry about the bonuses but remember that they are just a symptom of the bigger disease. Don't let the patient die from the disease. Remember the saying about picking your fights. You don't waste your time and resources on the little fights with little benefit $165M if it means you lose the bigger fight , trillions of dollars, because of squandered resources.

[applescruff]

The top paid CEO at these companies make more money before noon than the average American makes all year. This has gone on with investors money being used as the reward for a decade. These companies have created a imaginary world unto thierselves where nothing is out of line or too expensive, If you want it,buy it. After all we had the country believing we were actually watching thier investments and making them more money when in reality we were playing a game and satisfying our every want in a scheme that has just blown up in our faces and revealed us for the hucksters we are.

[munki]

status symbol...

richer are richer...

where is our american dream?

[unite4change]

Once again, America is being controlled by our corporate media and the GOP. The AIG bonuses are a sideshow and an attempt to bring down President Obama's approval rating.

Did anyone see Mr. Libby's testimony yesterday? I did, however, our corporate media is not reporting the facts. So far, our government has not loaned AIG $170 billion that is being reported. It appears, our corporate media and the GOP doesn't know the difference between the Federal Reserve (Fed), a private institution, and the US Government. They keep blending to the two together when discussing the AIG loans. Listen to what he said:

http://cspan.org/Watch/watch.aspx?MediaId=HP-R-16523

[pacason]

I agree with you. I made very close attention to what Libby said and quite frankly found him completely credible. Then, I waited for the commentary and it was as if they did not even follow his testimony! Our media SUCKS.

[pfitzner]

The man's name is Liddy. Learn to spell.

[munki]

Thank you...

Money could be well spend to restructure the company...

instead of

AMERICAN
INTEGRITY
GONE

can be

AMERICAN
INTEGRITY
GAIN

HOPEFULLY.­.. soon

[NoSillyName]

See?! These people are SO rich, they don't even need those "bonuses".

[sammy cole]

NEED? Most working American's dont earn 6 million in their entire life let alone a bonus for a year for WREAKING the WORLD ECONOMY.

[glaze]

A I G . . .
"Too big to fail",
Yet too corrupted to survive,
Run by beings
Too greedy and soulless
To be counted among humans.

[onenvrnos]

So, did Mr. Poling return the 6.4 million?

[lobear00]

These "Snakes"" should forgo a trial and be herded right to a prison cell, along with members of congress, after all it was members of congress who wrote the very provisions into law to give these snakes the ability to steal, pillage, and fleece this nation, all for a few bribes. This is the filth that lobbyist bring to the congress.

[my2345]

I don't understand how he could have taken the money to begin with? I think the only reason he is giving the money back is because of the backlash. Let's hope the rest will follow with getting our money back!

[labman57]

To all remaining self-righteous AIG bonus recipients who plan to keep the money:
Wake up and smell the recession!

These folks seem to be imbued with arrogance, self-importance, and a sense of entitlement. This "Gordon Gekko" mentality is pervasive in the financial sector, and this self-indulgent philosophy has been nurtured and encouraged by the Federal government ever since the Reagan Administration. It is characterized by an "every man for himself" and "I've got mine. To hell with everyone else" ideology.

The people who expect and accept these exorbitant bonuses feel that these perks are needed in order to finance the extravagant lifestyle to which they have become accustomed. The American people have news for you--NOT ON OUR DIME!!!

To paraphrase Jack Nicholson as the Joker:
"Wall Street needs an enema!"

[pueblocolorado]

Totally agree with all you say Labman.

However, when I was growing up in Detroit in the 50's & 60's, we were all painfully aware of the lifestyles of the rich and famous. The auto execs lived in their own village along the St. Claire River with it's Grosse Pointe Yacht Club and it's huge immaculate lawns, upwind of all of the downtown dirty air.

[jerrypl]

Douglas's mommy must have taught him not to steal!!!

www.takebacktheeconomy.org/ TAKE THIS ECONOMY BACK!!!!!

http://eye-on-washington.blogspot.com

[solarian]

he thinks this will make him ha ha