AIG: Arrogant Incompetent Giant

It appears Cuomo has managed to get the bonuses documents from Arrogant Incompetent Giant that Treasury Secretary Geithner was clueless about. Or so he says. Congress should make AIG give back every freaking dollar and close their doors. The backward logic of retaining any employee to help fix the screw up they created and then giving them a bonus is beyond belief. Only Wall Street and the the corporate elite could get away with this crooked illogical stunt.

Chief Executive Officer Edward Liddy has said he wants to reduce the 2009 payments by at least 30 percent. Here’s a a novel idea Liddy, cut the 2009 retention payments by 100%.

H/T HuffPo

Though AIG has stressed that payments were essential to retain individuals at Financial Products vital to unwinding the subsidiary business, Cuomo notes that “numerous individuals who received large ‘retention’ bonuses are no longer at the firm.”

Cuomo’s office also learned more details about the bonuses:

The top recipient received more than $6.4 million;

The top seven bonus recipients received more than $4 million each;

The top ten bonus recipients received a combined $42 million;

22 individuals received bonuses of $2 million or more, and combined they received more than $72 million;

73 individuals received bonuses of $1 million or more; and

Eleven of the individuals who received “retention” bonuses of $1 million or more are no longer working at AIG, including one who received $4.6 million;

Eleven of Financial Products employees are not even employed by AIG. So much for the BS line that “these employees are needed to fix the mess they created.” By the size of their bonuses unemployment checks, former AIG employees are doing far better than the unemployed taxpayer who own them.

Barney Frank needs to shut AIG and demand every penny of the $170+ billion in government aid be paid back. The Department of Justice needs to join Cuomo in a full criminal investigation.

Enough of the corporate greed. aig_check