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(Yahoo)   Remember the outrageous $100 million in bonuses that AIG gave to its employees in 2008? Turns out that figure was a little off - by a factor of 4   (news.yahoo.com ) divider line
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29883 clicks; posted to Main » on 06 May 2009 at 10:00 AM (7 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



202 Comments     (+0 »)
 


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2009-05-06 10:01:21 AM  
HMM...Where did I leave that pitchfork?
 
2009-05-06 10:01:47 AM  

The 2008 AIG bonus pool just keeps getting larger and larger.


Codename 'Leon'.
 
2009-05-06 10:02:01 AM  
Might want to read more. They just included more low level employees in the figure. That is not exec pay.
 
2009-05-06 10:02:14 AM  
What's a little money between friends, after all?

/yeah...
 
2009-05-06 10:04:00 AM  
Oh, you know...it's close...by astrophysics standards
 
2009-05-06 10:04:00 AM  
i149.photobucket.com
We've got eight bags of feathers! Did anyone bring some tar?
 
2009-05-06 10:04:16 AM  

Thunderpipes: Might want to read more. They just included more low level employees in the figure. That is not exec pay.


This. The new figure doesn't make AIG any more pitchfork-worthy than it already is.
 
2009-05-06 10:04:21 AM  
The guy that hands out mints and towels in the mens room got $50 and 2 tickets to a Yankees game. I'm outraged!
 
2009-05-06 10:05:21 AM  

Englebert Slaptyback: The 2008 AIG bonus pool just keeps getting larger and larger.


Codename 'Leon'.


I say let 'em crash. They knew what they were getting into.
 
2009-05-06 10:05:59 AM  
Take back all of our money and burn the place to the ground.
 
2009-05-06 10:06:07 AM  
"Article not found or expired on Yahoo."

A disruption in communications can mean only one thing...
 
2009-05-06 10:06:35 AM  
hey they put a lot of effort into whatever the fark they did to run that company into the ground

oh, and if they had contracts, does that make it conspiracy?
 
2009-05-06 10:06:45 AM  
static.open.salon.com

Anyone else want some of my money?
 
2009-05-06 10:06:52 AM  
I need to get me a bail out job, fark this working for a living stuff.
 
2009-05-06 10:06:58 AM  
fire.

die in one.
 
2009-05-06 10:07:02 AM  
Someone needs to go back to math class and learn some perspective.

/4million
//4trillion
///one of these things is NOTHING like the other
 
2009-05-06 10:07:09 AM  

Archie Goodwin: Englebert Slaptyback: The 2008 AIG bonus pool just keeps getting larger and larger.


Codename 'Leon'.

I say let 'em crash. They knew what they were getting into.


I picked the wrong week to stop sniffing glue.
 
2009-05-06 10:07:38 AM  
Don't expect the public to get too excited about this -- they've already used up their allotment of populist rage.
 
2009-05-06 10:07:55 AM  
I do not understand the outrage of the media over this issue.

These bankers worked hard for their company, and therefore earned this money according to their employment contracts. All the demands for not paying out the bonuses are obviously motivated by envy.

Even with this revised number, these bonuses are not very huge at all when compared to the huge sums the liberals now brainlessly pour into the economy due to its wrongful economic policy, instead of letting market forces manage this minor crisis.
If politicians were paid performance based bonuses instead of shady payments just like these bankers, the government would surely be more efficient as well. But that's something the liberal media does not want you to know...
 
2009-05-06 10:08:29 AM  
Pops popcorn and waits patiently for the "THIS IS ALL OBAMA'S FAULT!!!11eleventy!1" post.

/3
//2
///1
 
2009-05-06 10:08:34 AM  
The controversial payments were described by the company as "retention agreements" paid to keep employees from leaving.


I don't know about most companies, but in mine if an employee wanted to leave, they'd say 'see ya'.
 
2009-05-06 10:08:59 AM  
Two points. If AIG bonuses had increased by a factor of 4 from 100M, they would be granting $100 billion in bonuses.

Also, as the US government is the single largest AIG shareholder, every US citizen has a vested interest in their success. Retaining talent in their core businesses, which are still profitable, is a good thing. If AIG manages to pull through, Treasury stands to make a substantial amount of money from the deal. So sure, let's alienate all the hard-working revenue generating insurance salesman.
 
2009-05-06 10:09:47 AM  
Good, I thought that number was high. $25 million seems more reasonable by the time you split it up.

/DNRTFA
 
2009-05-06 10:10:20 AM  

musashi1600: Thunderpipes: Might want to read more. They just included more low level employees in the figure. That is not exec pay.

This. The new figure doesn't make AIG any more pitchfork-worthy than it already is.


shh, nobody wants logic. They just want to think AIG is the root and cause of everything.

/look further than AIG folks, there's more to see than freaking out about AIG bonus figures
 
2009-05-06 10:10:21 AM  

eidohntno: I do not understand the outrage of the media over this issue.

These bankers worked hard for their company, and therefore earned this money according to their employment contracts. All the demands for not paying out the bonuses are obviously motivated by envy.

Even with this revised number, these bonuses are not very huge at all when compared to the huge sums the liberals now brainlessly pour into the economy due to its wrongful economic policy, instead of letting market forces manage this minor crisis.
If politicians were paid performance based bonuses instead of shady payments just like these bankers, the government would surely be more efficient as well. But that's something the liberal media does not want you to know...


I live with my mom. Too obvious.
 
2009-05-06 10:10:26 AM  
What, only $25 million?

Then I read TFA: no, $400 million.
 
2009-05-06 10:10:44 AM  
I say we really take the pitchforks to these bastards, Show No Mercy. We really have to do something about the insurance agency in this country, whether its health or anything else, I don't know, I'm not sure if nationalization is the answer but I don't want zombie banks shambling on wall street or ghosts of dead insurance companies Haunting the Chapel. For the damned executives that did this to the economy Hell Awaits. If we have to give even more poweer to the executive branch to Obama than we did under Bush; so be it, now is the time for the president to Reign in Blood. We cannot have the economy ending up South of Heaven, we need recovery now! Nationalizing is the only answer, look at Japan in the 90s, they spent a whole decade in the doldrums, Seasons in the Abyss. I pray for God to help him on his mission to right the good ship America, Divine Intervention may be the only way for this to all work out.

And if he somehow fails, God Hates Us All.
 
2009-05-06 10:10:55 AM  

neritz: HMM...Where did I leave that pitchfork?


I've got my hands full with this flaming torch... you can use mine.
 
2009-05-06 10:11:09 AM  
The bonuses were contractually guaranteed.

Regardless of how you feel about the AIG higher-ups, those bonuses will be a lot cheaper than the cost of a precedent allowing Congress to (retroactively) change a legal, private contract.

I believe it was PJ O'Rourke who said "Giving money and power to government is like giving whiskey and car keys to teenage boys"
 
2009-05-06 10:11:14 AM  
But But these are big producers and they needed those bonuses for retention. Sounds they were even bigger thieves. Then again the government gave them the money like a teenager at a stripe club seeing his first tit. Ohhhh want to be mad but soo confused.

Pffft...leeches

/Sigh...hate everyone
 
2009-05-06 10:11:31 AM  

idrow: The controversial payments were described by the company as "retention agreements" paid to keep employees from leaving.


I don't know about most companies, but in mine if an employee wanted to leave, they'd say 'see ya'.


So when half of a multi-billion a year company loses over half their employees when they have a huge mortgage crisis have to default on every loan they have bought up, what happens again?
 
2009-05-06 10:12:02 AM  
Did I get in before the, this is the fault of Obama, Liberals, and Socialists flamewar?

/Apparently just barely.
//Got Nothing. Don't care.
 
rpm
2009-05-06 10:12:10 AM  

wambear1: If AIG bonuses had increased by a factor of 4 from 100M, they would be granting $100 billion in bonuses.


Umm, no, wrong in 2 ways. Factor of 4 = $400M. 4 orders of magnitude = $1T
 
2009-05-06 10:12:49 AM  
Gah,

As much as I hate AIG and their top level asshole execs that drove the company into the ground, this is shiatstorm over bonuses is stupid.

The first 100 million were retention bonuses that were set before the bailout mess. They are contractually obligated to pay these if the employee completed their end of the bargain. It was not a performance bonus. If you don't understand the difference, go back to the next batch of fries, lunch crowd will be in shortly.

These appear to the for the people in the division of AIG that were not actively screwing over the world and the rest of the country. Most likely these people did their jobs and got screwed by the Financial Products unit just like the rest of the country. Again, I'm sure this stuff was set in contracts a year ago or more. I'm not in favor of giving the government the power to annul private contracts because people are buttsore.

There are plenty of criminals in AIG. Stop going after everyone else and focus on how we can put away the bastards that screwed the world over with the credit default swaps and what not.
 
2009-05-06 10:12:54 AM  

Englebert Slaptyback: The 2008 AIG bonus pool just keeps getting larger and larger.


Codename 'Leon'.


AWWWWWWWW YEEEEEEEEEEEEEEAAAAAAAAAAAH!
 
2009-05-06 10:13:01 AM  

wambear1: Retaining talent...


The same talent that led the company into the position of needing a bailout? How could they afford to lose such talented people?
 
2009-05-06 10:13:07 AM  

eidohntno: I do not understand the outrage of the media over this issue.

These bankers worked hard for their company, and therefore earned this money according to their employment contracts. All the demands for not paying out the bonuses are obviously motivated by envy.

Even with this revised number, these bonuses are not very huge at all when compared to the huge sums the liberals now brainlessly pour into the economy due to its wrongful economic policy, instead of letting market forces manage this minor crisis.
If politicians were paid performance based bonuses instead of shady payments just like these bankers, the government would surely be more efficient as well. But that's something the liberal media does not want you to know...


Meh...at first I was "this is gonna be epic" but then when you started in on "the Libruls" I was like...awwww...that's too bad" and then the performance based stuff was all just superflous...

6/10
 
2009-05-06 10:13:24 AM  
link farked.
 
2009-05-06 10:13:58 AM  
FTFA: It broke down its results by division, including:

Domestic Life and Foreign Life Operations: 23,851 employees received an average of $5,050 each.

Property Casualty Group: 3,943 employees received an average of $5,403 each.

Foreign General Insurance Operations: 8,669 employees received an average of $5,074 each.

Retirement Services Operations: 1,168 employees received an average of $11,889 each.

Financial Services: 5,357 employees received an average of $4,994 each.

Asset Management Group: 2,095 employees received an average of $51,026 each.

Corporate wide variable plan: 6,410 employees received an average of $18,954 each.


What the hell are you doing as a job where the average bonus is higher than the nation's average household income?
 
2009-05-06 10:14:29 AM  

eidohntno: I do not understand the outrage of the media over this issue.

These bankers worked hard for their company, and therefore earned this money according to their employment contracts. All the demands for not paying out the bonuses are obviously motivated by envy.

Even with this revised number, these bonuses are not very huge at all when compared to the huge sums the liberals now brainlessly pour into the economy due to its wrongful economic policy, instead of letting market forces manage this minor crisis.
If politicians were paid performance based bonuses instead of shady payments just like these bankers, the government would surely be more efficient as well. But that's something the liberal media does not want you to know...


Were you biatching when the USA invested trillions of $$$ in the high risk, negative return business of bombing an innocent country?
 
2009-05-06 10:14:48 AM  

ThoughtSpy: The bonuses were contractually guaranteed.


Contractually agreed upon bonuses not based on performance sounds an awful lot like salary.
 
2009-05-06 10:14:56 AM  

wambear1: If AIG bonuses had increased by a factor of 4 from 100M, they would be granting $100 billion in bonuses.


False. You are confusing the use of factor and power of 10.
 
2009-05-06 10:15:29 AM  
Isn't this something of a Bernie Madoff Ponzi scheme on a corporate level? How is it any different? They skimmed off more than they had to pay out to legitimate investors. I don't care what the number was, $1 million or $500 million, when you pay to your employees (1 guy, or 500) more money than you've earned as a company, then you are violating some kind of law. No?
 
2009-05-06 10:15:41 AM  

Serious: I say we really take the pitchforks to these bastards, Show No Mercy. We really have to do something about the insurance agency in this country, whether its health or anything else, I don't know, I'm not sure if nationalization is the answer but I don't want zombie banks shambling on wall street or ghosts of dead insurance companies Haunting the Chapel. For the damned executives that did this to the economy Hell Awaits. If we have to give even more poweer to the executive branch to Obama than we did under Bush; so be it, now is the time for the president to Reign in Blood. We cannot have the economy ending up South of Heaven, we need recovery now! Nationalizing is the only answer, look at Japan in the 90s, they spent a whole decade in the doldrums, Seasons in the Abyss. I pray for God to help him on his mission to right the good ship America, Divine Intervention may be the only way for this to all work out.

And if he somehow fails, God Hates Us All.


SLEIGH HER!

um, I mean "him"
 
2009-05-06 10:15:49 AM  

Madbassist1: Meh...at first I was "this is gonna be epic" but then when you started in on "the Libruls" I was like...awwww...that's too bad" and then the performance based stuff was all just superflous...


Be patient, give it some more time...
 
2009-05-06 10:16:11 AM  
So wait, it was $1,000,000,000,000 in bonuses?
 
2009-05-06 10:16:20 AM  
Asked how much AIG had paid in 2008 bonuses, Liddy responded: "I think it might have been in the range of $9 million."

I think someone needs another trip to Capitol Hill to be reamed LIVE on international TV.
 
2009-05-06 10:16:29 AM  
brushwad: Archie Goodwin: Englebert Slaptyback: The 2008 AIG bonus pool just keeps getting larger and larger.

Codename 'Leon'.

I say let 'em crash. They knew what they were getting into.

I picked the wrong week to stop sniffing glue.


It's an entirely different kind of bonus, altogether.
 
2009-05-06 10:17:50 AM  

AppleOptionEsc: idrow: The controversial payments were described by the company as "retention agreements" paid to keep employees from leaving.


I don't know about most companies, but in mine if an employee wanted to leave, they'd say 'see ya'.

So when half of a multi-billion a year company loses over half their employees when they have a huge mortgage crisis have to default on every loan they have bought up, what happens again?


*facepalm*
 
2009-05-06 10:19:50 AM  

Omnivorous: What, only $25 million?

Then I read TFA: no, $400454 million.


I came here to say this. We are so naive.
 
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