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Created by dipity on Mar 14, 2009
Last updated: 12/01/10 at 01:32 PM
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...market that got so many financial companies into trouble. AIG also received considerable criticism because it continued to pay out bonuses to employees after it received the bailout, including employees who worked in the division that nearly destroyed the...
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Chicago Sun-Times
http://www.suntimes.com/business/2761064,AIG-to-repaygovt.article
American International Group Inc. is trying to assuage criticism from both regulators and the public by altering its bonuses structure. AIG came under fire for its bonus system that previously offered employees retention bonuses based on length of service.Maurice Toueg, a partner at Capstone Partnership says that aig's new bonus grading system may entice new talent to the firm, but won't likely satisfy regulators.Watch the video below or download it at itunes. - Maria Woehr
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...of its employees retention bonuses based on length of service but not on performance. Those were the kinds of controversial bonuses that AIG paid to 400 employees who worked at AIG Financial Products, the division that wrote insurance-like contracts on banks'...
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CNN/Money
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http://rss.cnn.com/~r/rss/money_latest/~3/YtYhJvDBKq8/index.htm
AIG got $182 billion in bailouts and now plans to give $100 million in bonuses. An old contract requires the payments, but critics say the government should be able stop them.
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NEW YORK (AP) - Bonus payments totaling $100 million to AIG employees from the same unit that prompted a massive taxpayer bailout are "outrageous" but allowed under the law, the Obama administration's pay czar said Wednesday.
Kenneth Feinberg said the
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KLTV
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http://www.kltv.com/global/story.asp?s=11945184
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...fresh anger, including criticism of the Obama administration. Republican Senator Charles Grassley said of the latest bonuses, "AIG has taxpayers over a barrel. The Obama administration has been outmaneuvered." American International Group said in a statement...
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Channel News Asia
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http://www.channelnewsasia.com/stories/afp_world_business/view/1035252/1/.html
Both Democratic and Republican politicians have strongly criticized another round of pay bonuses for the financial products division at AIG, which received funds from last year's bailout. Chip Reid reports.
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...their owed retention payments by $20 million. Treasury Secretary Timothy Geithner said Wednesday that Congress can recoup the AIG bonuses through a new bank fee in President Barack Obama's proposed budget. Geithner called the bonuses an "outrageous failure...
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Inside Bay Area
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http://www.insidebayarea.com/business/ci_14327191?source=rss
Feb. 3 (Bloomberg) -- US Representative Elijah Cummings, a Maryland Democrat, talks with Bloomberg's Peter Cook about American International Group Inc.'s payment of bonuses to its financial products division . Employees in the bailed-out insurer's financial products unit, which sold the derivatives that drove New York-based AIG to the brink of collapse, agreed to forgo about three-quarters of the $26 million in retention bonuses that the US paymaster asked be forfeited, said people with knowledge of the matter.(Source: Bloomberg)
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...lower, calling Feinberg "a brave, smart, tough man" Feinberg said earlier on ABC's "Good Morning America" program that the AIG bonuses, which were "grandfathered" into contracts signed by the insurer in late 2007 and early 2008, would end this March. The Treasury's...
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ABC News
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http://abcnews.go.com/Business/wireStory?id=9738252
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...the Federal Reserve and the Treasury Department. Once the AIG employees are paid what they were promised in their contracts, AIG bonuses won’t be a scandal anymore. At least that’s what the company assumes. Last spring, AIG employees also informed the company...
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BusinessPundit
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http://www.businesspundit.com/100-million-aig-bonuses-still-stink/
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...whose risky bets helped sink the company leading to a $180 billion government bailout. AIG (AIG) agreed to cut the retention bonuses by $20 million but will still hand out $100 million Wednesday, The New York Times reported, citing people with knowledge of...
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USA Today
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http://rssfeeds.usatoday.com/~r/UsatodaycomMoney-TopStories/~3/3AR4VyjlR9k/2010-02-03-aig-bonuses_N.htm
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...as $147 billion per year, and smoking costs taxpayers a whopping $300 billion annually, or 1,000 times the amount of the AIG bonuses. So far, I've laid the Obama administration's decision to keep propping up failed banks at Tim Geithner's feet. Obama,...
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Huffington Post
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http://www.huffingtonpost.com/2010/02/03/aig-bonuses-in-2010-total_n_447025.html
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...be paid out in full, but he has not yet made a specific recommendation to AIG about how much the insurer should reduce the payments. Print Email U.S. wants AIG bonuses curtailed No redactions! AIG reveals the full story The AIG fiasco keeps getting worse...
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CNN/Money
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http://rss.cnn.com/~r/rss/money_latest/~3/8i3qDNcBg6g/index.htm
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...this year from leaks in the press rather than directly from the Obama administration. "Why is Treasury allowing AIG to pay bonuses again this year?" he asked. "I just want to emphasize that Ken Feinberg, who I appointed to try and make sure we are fixing in...
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ABC News
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http://abcnews.go.com/Business/aig-dish-100-million-bonuses-wednesday/story?id=9732253
Neil Barofsky, the Special Inspector General for the TARP, released an alarming audit last week which revealed Treasury Secretary Tim Geithners complete lack of oversight and total mismanagement of American International Groups (AIG) distribution of millions in bonus payments following the companys $180 billion taxpayer bailout. While Mr. Geithner maintains that he only found out about the AIG bonuses just three days before they were paid, his story is an unlikely one given that everyone at the Federal Reserve, where Geithner was President during the bailout, and everyone at the Treasury, where Mr. Geithner is now Secretary, knew about the AIG bonuses months in advance. The American people were rightly outraged when they found out about the AIG bonuses US Taxpayers own 80& of AIG and AIG then used those taxpayer funds to pay themselves huge bonuses. Follow Congressman Stearns @ www.house.gov www.twitter.com www.facebook.com
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NEW YORK -- American International Group Inc. is consulting with the federal government about its plans to pay millions of dollars in retention incentives and bonuses, a person familiar with the situation said.
AIG is working with the Obama
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Fort Worth Star-Telegram
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http://www.star-telegram.com/190/story/1479320.html
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...firms receiving the most aid from the government.The Obama administration was embarrassed in March after the original AIG bonuses were disclosed. The administration had been looking to rein in excessive pay, at one point proposing a salary cap for top executives.President...
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Wall Street Journal
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http://online.wsj.com/article/SB124718910241620823.html#mod=WSJ_topics_obama
The Washington Times Amanda Carpenter and The Nation's Ari Melber discuss the economy with MSNBC anchor Alex Witt. WITT: Who are the winners and losers in the fight over AIG, politically speaking CARPENTER: It'd be hard for me to crown any winner because this thing is so out of control right now. But I think there are three losers, so to speak. One is President Obama's credibility -- to get his hands around this crisis and mange it in a sound way. Second is senate banking committee chairman ...
How the controversy over the AIG bonuses imbedded in the stimulus obfuscate the root problem of spending in general.
President Obama flashed some anger at CNN correspondent Ed Henry for asking why it took him days to express outrage over the bonuses paid to executives at AIG. It took us a couple of days because I like to know what Im talking about before I speak, Obama snapped. ...
US Congressman Leonard Boswell speaking from Des Moines, Iowa, on the AIG bonuses and co-sponsoring the End GREED Act on March 23, 2009.
The government is distracting us with their bluster about the AIG bonuses to executives, and promising to fix everything by reclaiming this money through illegal, unconstitutional means. The real problem is not corporate executives, but government. Stop letting them fool you. Reclaiming this money won't fix a thing. ...
New York Attorney General Andrew Cuomo said Monday that 15 employees who received some of the largest bonuses from American International Group Inc. have agreed to return the more than $30 million worth of payments in full. (March 24)
Editor Brian Kelly goes inside our new digital magazine to see what the controversy is all about. Subscribe to the latest edition at www.usnews
www.c-spanarchives.org At a House Financial Services Committee hearing on Dec. 10, 2008, Rep. Sherman questioned Neel Kashkari about provisions allowing for bounuses to be paid to AIG executives.
A detailed commentary on AIG's $165M in bonuses. Watch the WHOLE commentary. ...
Don't blame AIG for the distribution of bonuses to their exes. You Obama voters gave it to them. From Manning Report 12PM - 3PM EST Url: www.ustream.tv
The backlash against the bonuses awarded to American International Group has reached a crescendo. On Thursday, the House voted overwhelming to tax virtually every penny of the $165 million in bonuses doled out by AIG. At the same time, 19 states attorneys general are demanding the company release details of the bonuses in an effort to try an recoup them. And, perhaps the most bizarre development of the whole fiasco: The New York Times reported on Thursday that AIG is suing the federal ...
bonus estimate larger than first reported . AIG exec's living in fear. Bus tours of the exec's homes. from msnbc ...
At a March 3rd Ways and Means hearing, Secretary Geithner responded to a question about the AIG bonuses to be paid for in weeks. This hearing came one week before Secretary Geithner says that he knew about the bonuses. ...
Mystery Solved
Professor Sudhakar Balachandran argues that by not choosing to forgo bonuses they were scheduled to receive, executives at AIG missed a chance to boost economic morale. "Were missing a great opportunity here," Balachandran says. "This is the time for business to lead, not for business to sit there and say, 'We're contractually entitled, so this is what we do.' We have to restore people's confidence. The same thinking that got us into this mess isn't going to get us out." Professor Balachandran is Faculty Director of Finance and Accounting for the Nonfinancial Executive at Columbia Business School Executive Education. www4.gsb.columbia.edu
WOW, this is INSANE!!! Obama mocks the Special Olympics in describing his Bowling on Leno: http://www.youtube.com/watch?v=vb-ZSZNaCc0 http://blogs.abcnews.com/politicalpunch/2009/03/president-ob-15.html But top Special Olympics bowler (who bowls 300) calls him out!: http://gannett.a.mms.mavenapps.net/mms/rt/1/site/gannett-detroit-freep-008-pub01-live/current/launch.html?maven_playerId=immersiveplayer&maven_referralObject=975075055 Sen Dodd Admits adding AIG bonus provision to Stimulus: http ...
Michael Savage making fun of and laughing at Barney Frank on AIG and executive bonuses
"Perp Walks Instead of Bonuses": Veteran Journalist Robert Scheer on AIG Bonuses, the "Backdoor Bailout" and Why Obama Should Fire Geithner, Summers Appearing on Capitol Hill, AIG CEO Edward Liddy was repeatedly questioned over why the failed insurance giant is paying out over $165 million in bonuses after it received a $170 billion taxpayer bailout. While the Obama administration is expressing outrage, more details have come to light indicating that some officials have known about the ...
Nancy Pelosi and the Democrats in Congress have passed a bill that would tax AIG execs who received HUGE Bonus checks compliments of the American Taxpayer. The Speaker of the House is covering up more than paying back.
Laura Ingraham guest hosts on The O'Reilly Factor and discusses democratic outrage over AIG bonuses. In the segment, Democrat Congressman Chris Dodd blames the current administration for the allowance of the measure. A claim he denied having any knowledge of the day before. Segment aired on Fox News Channel on Thursday, March 19, 2009.
The Democratic-led House overwhelmingly approved a bill on Thursday to slap punishing taxes on big employee bonuses from AIG and other firms bailed out by taxpayers. The vote was 328-93. "We want our money back and we want our money back now for the taxpayers," said House Speaker Nancy Pelosi, D-Calif. ...
Appearing on Capitol Hill, AIG CEO Edward Liddy was repeatedly questioned over why the failed insurance giant is paying out over $165 million in bonuses after it received a $170 billion taxpayer bailout. While the Obama administration is expressing outrage, more details have come to light indicating that some officials have known about the bonuses for months. Meanwhile, little attention has been paid to what might be a bigger scandal: aigs funneling of tens of billions of dollars in taxpayer bailout money to other banks. We speak to veteran journalist and Truthdig editor Robert Scheer, author of the forthcoming The Great American Stickup: Greedy Bankers and the Politicians Who Love Them.
Sen. Cornyn spoke on the Senate floor about his outrage over AIG executives receiving millions in bonuses after the government supplied the company with $30 billion of taxpayers money, under the watch of the Obama Administration. ...
Congresswoman Virginia Foxx wonders why the AIG millionaire bonuses were allowed to happen in the first place. Foxx opposed the $170 billion in AIG bailouts from the start. ...
Jackie and Dunlap express America's outrage over the AIG bonuses in their interview with one of the most hated men in America... Shimmysham the AIG Dummy. Let your Jackie Flag fly! Join the RSU community at http://redstateupdate.com ...
Watch more at www.theyoungturks.com
I say tax them greedy capitalist pigs 1000%! Tax them until it hurts! We will suspend the Constitution just this one time, and then we will reinstate it and follow it to the letter, but not until we get those worthless scums. We shall make them pay! My congress makes me want to puke every time I think about them these days. They are a bunch of worthless scum that do not deserve a cent for what they do. Why should we pay people to destroy our country? Do they even know about our Constitution ...
Watch more interviews at http://www.theyoungturks.com. ...
Watch more interviews at www.theyoungturks.com
From Countdown March 18, 2009.
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