The AIG Bailout Debacle

March 16, 2009 

It was shocking enough to see the list of overseas companies who benefitted from the Wall Street Bailout over the past six months.  Banks in France, Germany and England got big handfuls of American taxpayer cash when Bush’s Fed lapdog, Paulson, passed out the cash.  Until recently AIG and the Fed balked at the suggestion that AIG come clean on the list of beneficiaries of those funds.  Over this last weekend, however, they finally came clean with that list and gave amounts of what was doled out to each from the bag of American loot.

That was shocking…and has engendered a lot of anger on the part of taxpayers.

Well, it appears that AIG is planning to give out bonuses…no…”retention payments” to top executives in the branch of their business who underwrote insurance policies for bad loans.  This to the tune of over $165M dollars!

One does not give bonuses (or retention payments) to people who f*** things up!  Generally, in business, if you mess something up, you get your key to the executive washroom taken away, if not your key to the building!

AIG’s intent is bad enough, but it is worsened when one realizes that they are using bailout money to give out these so-called retention bonuses!  In addition, those who would be receiving those funds aren’t even American nationals!

I have serious issues with my tax dollars going to add to the already inflated salaries of people who made terrible business decisions.

President Obama has stated that he will be doing everything in his power to keep these bonuses from happening, and I hope by all that’s Holy that he is able to do that.

UPDATE:

New York’s Attorney General has sent a demand that AIG produce the names of those people who are expecting to receive these so-called “retention payments”.