7 Surprises Buried Beneath the AIG Bonuses

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Congress Not Only Knew About AIG Bonuses, They Approved Them

According to another article in the Washington Post, politicians in Washington knew about and approved the legislation that authorized bonuses to AIG executives months before those bonuses were to be paid. http://www.washingtonpost.com/wp-dyn/content/article/2009/05/12/AR2009051203624.html.

Their phony "outrage" at the bonuses being paid to executives of a failing company was nothing more than political showboating to encourage voters that this new administration was going to "do something," even if what they wanted to do violated the U.S. Constitution.

cheryl c of MI @ Jun 14, 2009 17:08:53 PM

AIG

This was a company that was systematically looted for decades by the prior management (who also lead the company into the very ill fated derivatives/financial products fiasco). For years, a pittance in dividends were paid and often the measly dividends were paid out in the form of (now nearly worthless) stock. Meanwhile, management and the directors were diverting billions of dollars to related entities that were controlled by them and their cronies.

May family lost over $100,000. in AIG stock. We sold out at $5.50. Now its time to fold the company - wipe it out and hold the parties responsible through the courts of law (including Hank going to jail).

These funds that were diverted should have been paid out to the stockholders as real dividends and/or held as reserves for the insurance entities.

The credit derivative swaps should have been voided on the grounds that they were 1.)fraudulent 2.) unlicensed insurance products 3.) unlicensed securities.

A special government commission should be taking this action on the remaining "portfolio".

Timbo of FL @ Apr 16, 2009 08:34:43 AM

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Rick Newman

Rick Newman

The global economy is mysterious, even scary. Chief Business Correspondent Rick Newman connects the dots. In addition to his writing for U.S. News, Rick is the co-author of two books: Firefight: Inside the Battle to Save the Pentagon on 9/11, and Bury Us Upside Down: The Misty Pilots and the Secret Battle for the Ho Chi Minh Trail.

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