WSJ: AIG bonus figure $450 million, not $165 million, as Times and CNN stated
Well, which is it? Just out of curiousity. Since it is, after all, my money, because I've been doing my little bit to bail out AIG.
I mean, I know that salespeople always make the most money, and deservedly so -- but does that also apply to salespeople selling toxic paper?
American International Group Inc. will pay $450 million in bonuses to employees in its financial products unit. That division was at the heart of AIG's collapse last fall, which compelled the U.S. government to provide $173.3 billion in aid to keep it running.
Chief Executive Edward Liddy told Treasury Secretary Timothy Geithner in a letter dated Saturday that the next payments to employees of the financial products unit -- whose woes caused massive losses at the giant insurer -- are due on Sunday, and added "quite frankly, AIG's hands are tied."
Liddy wept (John 11:35).
And I know Liddy feels his predicament keenly. Here's my idea:
Why don't we hold congressional hearings -- or maybe even a Pecora Commission -- and subpoena every single one of those salesman to testify on exactly what they did to earn those bonuses? I'm betting some very interesting information would come out.