AIG Executives Kept Bonuses They Promised To Return, Feinberg Says

Bloomberg.com:

Four of five managers in AIG's Financial Products unit that are under the jurisdiction of pay master Kenneth Feinberg didn't make good on pledges to return the bonuses as of August, Feinberg said in documents released yesterday. The fifth employee hadn't made any promise, Feinberg said.

"The performance of AIG Financial Products has contributed significantly to the deterioration in AIG's financial health," Feinberg said. Compensation proposed by AIG for the staff doesn't "adequately reflect the role of AIG Financial Products" in the decline of the insurer, he said.

Read the whole story: Bloomberg.com

Comments

[spinns17]

they lied and cheated .who would have thunk.lol

[MikeTN]

They only way to control greed is to tax it away. There should be a limit on the amount of compensation that is tax deductible by companies and a very high top tax rate on compensation over X amount. You noticed I used the word "compensation", not "salary". As it is many highly paid CEO's receive most of their compensation in the form of stock options. They are paying a very low 15% capital tax gains rate on this money

[loki]

remember, the pay czar has not inherent powers. He can only make suggestions. They dont have to do diddly squat for him. THey know it.

[escribacat]

The tone of the article suggests that they don't have much choice but to return the money. It's not clear.

[Palemoon]

I beg to differ, this was no surprise to me at all. I knew it would happen and said as much in old, forgotten posts. You don't just give people free money with no strings, and no conditions, and then expect them to do the right thing with it.

I cannot believe our media could be so gullible.

[kk78]

They just Defrauded the people of the United States! Get your pitch forks folks. I smell a l y n ching!

[RustyPatina]

So this is news? Those people are crooks. Why would you expect them to keep their promises?

[martiniandabotoxchaser]

This company has government money...how about posting the names and addresses of all the executives so people will know where to egg them.

[BillyPilgram57]

Maybe when they are relieved of these positions they
can take up goat herding.................. just a thought

[TeeLolly]

I wouldn't place innocent goats in the care of these thugs ...

[AoC]

Those goats are so not innocent... they were the ones who came up with the dirivitives fiasco in the first place.

[helonias]

Luke 16:19-25. "Now there was a certain rich man, and he habitually dressed in purple and fine linen, gaily living in splendor every day. And a certain poor man named Lazarus was laid at his gate, covered with sores, and longing to be fed with the crumbs which fell from the rich man's table; besides, even the dogs would come and lick his sores.
Now it came about that the poor man died and he was carried away by the angels to Abraham's bosom; and the rich man also died and was buried. And in Hades, being in torment, he lifted up his eyes, and saw Abraham far away, and Lazarus in his bosom.
And he cried out and said, 'Father Abraham, have mercy on me, and send Lazarus, that he may dip the tip of his finger in water and cool off my tongue; for I am in agony in this flame.'
But Abraham said, 'Child, remember that during your life you received your good things, and likewise Lazarus bad things; but now he is being comforted here, and you are in agony...'"

[TXfemmom]

The government just needs to sweep in and freeze their assets and take back what is owed plus a fine for not having paid it.

[TeeLolly]

Amen to that.

[kk78]

Or apply a heavy tax onthem this year when they file

[expired]

Has anyone heard anything about the unemployment extension bill being signed?

[TXfemmom]

Two Republicans, Kyl of Arizona, and Hatch of Utah are blocking it from coming to the floor in the Senate.

[escribacat]

From what I read, it's going to be passed -- they are dinking around with details.

[BlueZoo]

The only entity as egregious re the TARP monies as AIG was Fannie & Freddie. Their execs left the company with zillions! There was no way any of these felons were going to return the money and that was a given from the beginning. Both 'W' and President Obama are equally as guilty for not holding these guys' feet to the fire from the get-go. Congress had no say in the matter and the bailout monies were given with no strings. It is disgusting and beyond belief but there's not a dang thing we can do about it!

[TJCole]

We're a government of the bankers, by the bankers, and for the bankers, not the people..!

Only if we Nationalize these major corrupt banks can we really reform and regulate them and have them serve our economy and economic system but also be a source of stimulus to stimulate the economy rather than constrict it, and bet and plot against it as well as just plain rip it off..!

We Need Real Banking Reform and Regulation, and we are not seeing it..!

[spinns17]

http://www.banksterusa.org/blog

[jws2346]

I shore wish they'd get a edit button on this board. I was mistaken about the bailout deal in my first post, they'd already got it. Why they were so happy to promise the refunds was they were held in very low public esteem (peeps camped on their lawns, etc) and everyone was taking a closer look at their crooked ways. That didn't put em' on the ropes, it jus kept them there.

[loki]

well there are shores all around lakes and oceans and seas. But I sure wish they had an edit button too.