AIG Bonuses with Public Funds
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AIG was rescued by public funds. It would seem prudent that, with the taxpayers’ dollars supporting the insurance business, restraint would be exercised with every dollar. Unfortunately, this does not seem to be the case:
“Insurance giant AIG was given $152 billion in bailout money by the federal government since nearly collapsing in September. Now the company is planning to take millions of that money and hand it over to employees in a program that sounds a lot like bonuses.”
link: After Rescue, Bonuses Still Flow At AIG
AIG has been rapped for exorbitant spending at a resort in the midst of this financial crisis. The public criticism of AIG seems to have little impact on this firm. The funds continue to flow. Where is the fiscal responsibility?
Catherine Forsythe
3 Comments
marta
December 12th, 2008
at 3:57am
These people are lucky to have jobs–they do not need incentives. Congress get that money back. People boycott anything related to AIG. Their arrogance is appalling.
Hal
January 29th, 2009
at 8:06am
It was annouced today that they are again paying bonuses!
jax
March 14th, 2009
at 8:18pm
This is sick. Why in the world are we helping these companies that keep sending millions to people who do not know how to run a company? Furthermore, I fear this is just the tip of the iceberg–there are so many ways these funds are hurting ‘average Joes’ but benefiting those in high places. Look what Enterprise rent-a-car did to get bailout funds:
http://www.butasforme.com/2009/02/25/alert-enterprise-rent-a-car-may-have-fired-employees-as-fake-evidence-when-lobbing-for-bailout-money/