AIG reveals (additional) $454 million in 2008 performance bonuses

[UpInArms]

Source: Reuters

WASHINGTON (Reuters) - Embattled insurer American International Group paid some $454 million in previously undisclosed performance bonuses to employees for 2008, the company said in answers to questions from a U.S. lawmaker that were released on Tuesday.

AIG was widely criticized for paying out some $165 million in retention bonuses after it received some $180 billion in government bailout aid. Some of the retention bonuses were returned by employees after the firestorm of criticism.

The company told Representative Elijah Cummings, a Maryland Democrat, the performance bonuses were paid out by operating units, across the company's operations in some 120 countries.

Payments ranged from an average of $5,403 to employees of its property-casualty group, to $51,026 on average for those in its asset management group.

The payments are in addition to an about $120 million corporate bonus pool designated for holding company employees and executives at subsidiary companies.

Read more: http://www.reuters.com/article/newsOne/idUSTRE5446VC20090505

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[AndyA]

1. Performance bonuses for WHAT? Running the company into the ground?

What if it had made a profit? Would the people have been fired? :wtf:

The only kind of "performance" bonuses that could be involved here have to be for POOR PERFORMANCE.

This is a joke, the American people are being screwed up the behind - Bush's final parting gift, I suppose?

[deminks]

2. A good question still unanswered.

IMHO, it was hush money. Pure and simple. Now it is 4 times the amount originally reported. Remember the jerk who surfaced in the press whining about his bonus and supposedly made the ultimate sacrifice and gave it back? I wonder if he gave the real amount back. And is this the real amount, or is there more?

Hmmm?

[brentspeak]

3. Bonuses for scratching each others' backs

[sarcasmo]

4. Make them pay the money back and let them GREEDY FUCKERS

FAIL!

[Triana]

5. So this crime ring damn near destroys the World economy with their "biness" dealings...

..(ie: ponzi scheme) and then they loot the Treasury with their buddy Tim Geithner's blessing, and now - NOW - they get BONUSES for it.

Uh-huh.

Well I guess they SUCCEEDED didn't they? MISSION ACCOMPLISHED. US TREASURY: ROBBED US TAXPAYERS AND HOMEOWNERS: SCREWED.

I hope there is a REALLY REALLY HOT place in hell for the lot of them.

LET THE KARMA BEGIN. . .

[No Elephants]

6. Did anyone actually read the article? Bonuses for 2009 are being planned in consultation

with Treasury and the Fed.

Folks, if you don't flood every Senator, Congressional Rep, Treasury and the White House with calls, letters and emails and ask everyone you know to do the same, please don't whine on this board about AIG bonuses anymore cause you're definitely part of the problem.

While you're at it: , "previously undisclosed" or "fraudulently concealed" and "perjuriously testified to?" Didn't they have to disclose the bonuses to the gubbamint? Didn't they testify in Congress about the bonuses? Anyone going to get charged or prosecuted. Please make that part of what you yell about.

[Wednesdays]

7. K&R

:kick:

[SLSmith]

8. Liddy Loves to Lie Under Oath Vid with Cummings on Morning Joe

Cummings on Morning Joe. This whole thing with AIG bonuses is off the radar...we are not focusing on this anymore!

AIG Bonuses $454 Million Four Times than Reported $182.Billion in Bailout! IT NEVER STOPS!
vid: http://www.youtube.com/watch?v=bp9x0P0D7Sc