The United States of Suckers: AIG Owes Retention Payouts to Many Ex-Employees

[Bluebear]

A substantial number of AIG's Financial Products employees set to get some $195 million in retention payments no longer work with the bailed out insurer, sources familiar with the matter said on Wednesday.

This will be the latest round of retention payments to the staff of the American International Group unit that was behind the insurer's spectacular losses from credit derivatives and downfall in September 2008.

A $165 million payment to employees in March of 2009 led to verbal assaults by politicians and several demonstrations, including a bus tour of employee homes near the unit's Wilton, Connecticut headquarters, and threats to others.

The latest payments would come at a time when public anger over outsized Wall Street bonuses is building to a new crescendo. Firms such as Goldman Sachs and Morgan Stanley are set to pay massive bonuses to their employees after taking part in U.S. taxpayer funded bailouts.

One of the sources said about 40 percent of AIG Financial Products staff in line for the payout due in March of 2010 are former employees.

http://www.cnbc.com/id/34970556

[David Zephyr]

1. Working class Americans struggling for their lives are paying for this shit.

Thanks for the link, Bluebear.

[Bluebear]

2. They HAD to approve these funds to keep the most talented employees!

Who aren't even there anymore. What a steaming pile.

PS Hope you're safe and well out in California!

[David Zephyr]

4. I'm 2,500 feet up in the mountains and I've never seen water coming down like this here.

My back yard is a lake and its creeping closer to the glass doors by the minute.

[Bluebear]

5. update?

:hug:

[leftstreet]

3. K&R