Saturday, March 14, 2009
Fuck 'em!
Wall St. once again shows there is no depth of failure that does not deserve massive amounts of compensation. The rationale appears to be that if you work for the company, you must be one of the best and the brightest.
Despite being bailed out with more than $170 billion from the Treasury and Federal Reserve, the American International Group is preparing to pay about $100 million in bonuses to executives in the same business unit that brought the company to the brink of collapse last year.Paying extra to the guys who made AIG a wholly owned subsidiary of the US of A. Unbefuckinglievable! Better to axe their bonuses and if they don't like it, they can explain in open court why what they did is worth so much money when it failed so badly.
An official in the Obama administration said Saturday that Treasury Secretary Timothy F. Geithner had called A.I.G.’s government-appointed chairman, Edward M. Liddy, on Wednesday and asked that the company renegotiate the bonuses...
..The bonuses will be paid to executives at American International Group’s Financial Products division, the unit that wrote trillions of dollars’ worth of credit-default swaps that protected investors from defaults on bonds backed by subprime mortgages.
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