Showing posts with label A bonus by any other name still smells like a bonus. Show all posts
Showing posts with label A bonus by any other name still smells like a bonus. Show all posts

Friday, December 12, 2008

AIG gives "Retention Payments" to Top Executives

We bought AIG to save the insurance giant from insolvency. One of the conditions on our several hundred billion dollar bailout was that the top executives forgo bonuses. That sounds pretty clear and reasonable. They had been taking an economic nose dive while continuing to give millions in bonuses and golden parachutes to executives responsible for making decisions that drove the Insurance giant into the ground. So, now that we own 80% of the company, they are giving "retention payments" to executives. So a bonus for failure is now a "retention payment". Sounds like we are getting fucked again. Since we are the majority stockholder of AIG, I say we fire their asses.