portfolio.com - 3/16/2009
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Barack Obama is a lawyer -- and a very good one, too, by all accounts. Andrew Cuomo , too, is a lawyer, and is attorney general of New York. And neither of them seem remotely impressed by AIG's protestations that it's contractually obliged to pay out $165 million in bonuses to members of the ...
capital-chronicle.com - 3/16/2009
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capital-chronicle.com —
AIG have kindly released this document after putting
the boot into the US taxpayer with its mind-boggling
announcement of huge retention and other bonuses . Course, it's really all for the public good explained Mr Edward Liddy, the group's CEO. According to Bloomberg he argued that such payments ...
(more)
US taxpayers: those AIG payments you wondered about...
online.wsj.com - 3/16/2009
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online.wsj.com —
Troubled insurer American International Group Inc., now 80%
owned by U.S. taxpayers, spent the weekend deflecting mounting
criticism of how government funds have been funneled to various banks and used to pay employee bonuses at the business unit ...
(more)
AIG Faces Growing Wrath Over Payouts
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The impotence of governments and derailing of shareholder culture
FT Alphaville —
... says the President’s chief economic adviser. The Treasury Secretary is “distressed” and the Fed is “deeply troubled.” But what can they do? The search for enemies of the people at AIG is probably a futile one. It was Washington that left the CDS market unregulated, Wall Street that securitized trillions of dollars of worthless mortgages, and Main Street that bought homes it never could afford. Greed? It’s the American way. As for the legal arguments raised by Sorkin, Felix Salmon has this to say in Tuesday’s MarketMovers about AIG’s protestations that it’s contractually ...
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The impotence of governments and derailing of shareholder culture
ftalphaville.ft.com 3/17/2009 — HOW MUCH POWER DOES A MAJORITY SHAREHOLDER HAVE IN AN ORGANISATION? The majority shareholder has great power for that person has the majority in passing the rules of the corporation. In business the stockholders vote by how many stocks they hold. The ...
New York AG subpoenas AIG on CDS contracts: sources
reuters.com 3/27/2009 — NEW YORK (Reuters) - American International Group Inc, which has received $180 billion in U.S. taxpayer money, was subpoenaed on Thursday by New York's top legal officer for information on its credit default swaps contracts, sources familiar with the ...
Cuomo Offers Some Details on A.I.G. Bonuses
nytimes.com 3/17/2009 — Seventy-three employees were paid more than $1 million in the newly minted bonuses at the insurance giant, American International Group , according to the New York attorney general, Andrew M. Cuomo . The attorney general provided some new details on ...
Cuomo Offers Some Details of A.I.G. Bonuses
dealbook.blogs.nytimes.com 3/17/2009 — Seventy-three employees were paid more than $1 million in the newly minted bonuses at the American International Group, according to Attorney General Andrew M. Cuomo of New York.
The attorney general provided some new details on Tuesday about some of ...
AIG outrage
econbrowser.com 3/18/2009 — New York Attorney General Andrew Cuomo (hat tip: LA Times ) asserted that on Friday insurance company AIG, recipient so far of perhaps $170 billion in bailout assistance , distributed over $160 million in "retention payments to members of its ...
AIG Plans to Pay Retention Bonuses to Executives
nakedcapitalism.com 11/30/2008 — How can you give cash compensation to an executive, yet claim it is not a salary or bonus? You call it a "retention bonus," No, I am not making this up. Note that AIG chose to make this disclosure the day before Thanksgiving, clearly choosing a ...
Outrageous AIG Provokes Outrage From Outraged Americans
tbm.thebigmoney.com 3/17/2009 — Outraged at AIG? Take your spot in line. While you’re there, gawk at all of your esteemed company. First you’ll find both aisles of Congress—“This is an outrage,” Senate Minority Leader Mitch McConnell will be repeating over and over again to ...
A Token Reining in of AIG Bonuses (Banana Republic Watch)
nakedcapitalism.com 3/15/2009 — The kabuki continues. The story from the Washington Post on AIG bonuses would appear to represent a modest win for taxpayers: American International Group is doling out tens of million of dollars in bonuses this week to senior employees. While AIG agreed to pay the bonuses months before the ...
AIG to pay more executive bonuses July 15: source
reuters.com 7/10/2009 — WASHINGTON/NEW YORK (Reuters) - American International Group is preparing to pay next week millions of dollars more in bonuses to dozens of corporate executives, a source familiar with the development said. AIG has been talking with Washington's ...
AIG Still Isn't Too Big to Fail
online.wsj.com 3/20/2009 — LUCIAN BEBCHUK The AIG bailout -- at $170 billion and rising -- may end up as the costliest rescue of a single firm in history. There is much debate about bonuses paid to AIG's executives. But there is far too little debate on the government's ...
"Lives in Danger" at AIG —
The Big Money 3/17/2009
Working for a vilified corporate titan is not easy these days, but for AIG execs, Monday was a day they probably should have stayed at home. Death threats against employees, possible fresh subpoenas, indignation from lawmakers and a vow from ...
The Real AIG Scandal —
The Big Money 3/17/2009
Everybody is rushing to condemn AIG's bonuses, but this simple scandal is obscuring the real disgrace at the insurance giant: Why are AIG's counterparties getting paid back in full, to the tune of tens of billions of taxpayer dollars?
For the ...
MTV Inadvertently Airs Geithner and Liddy Drama —
The Big Money 3/17/2009
The AIG drama is a layered affair. There’s the initial outrage between the American people and the company, of course. But there’s also the more personal drama playing out between many of the officials and executives involved. The galling bonus ...
The Bigger Question Raised by AIG’s Bonuses —
The Big Money 3/17/2009
Andrew Ross Sorkin defends the AIG bonuses in today’s New York Times in the name of “the sanctity of contracts.” He asks, “If you think this economy is a mess right now, imagine what it would look like if the business community started to ...
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