AIG’s $3 Million in Bonuses Courtesy of the U.S. Taxpayers

Now if this story doesn’t make you utterly lose it, then you must indeed have achieved perfect Zen. You will recall that we, the taxpayers, just gave AIG $152 Billion in bailout money with no strings attached.

So they’ve decided not to give out bonuses this year. That’s sounds right; after all, bonuses are based on performance, and a company that requires $152 BILLION from the taxpayers must not be performing in a bonusable way. But there is this other little thing call ‘retention payments’.

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. [snip]

On Wednesday, lawmakers grilled Assistant Treasury Secretary Neel Kashkari about AIG’s bonus plan. Rep. Donald Manzullo, R-Ill., asked if a $3 million bonus was too much.

“It is excessive for a failing institution, yes,” said Kashkari.

But so far, no one’s stopping AIG from paying millions to some employees in its new retention program. The company has told 168 employees they’ll receive between $92,500 and $4 million per individual if they stay with the company for one year. That angers some on Capitol Hill.

Some?! Some?! I’m so pissed about this, I can’t even write a respectable sentence.

A) How about the taxpayers who feel like they’ve just been sucker punched? B) With unemployment where it is, I’ll bet it won’t be hard to fill any jobs that happen to open up (do you think those people are really going to leave those good jobs in these tough times?). And C) How do I apply for one of those jobs?!

This year at my work our very large department chose to provide a Christmas for just five children from the angel tree. As of the deadline yesterday, there were still unfilled wishes among the very modest requests for these children (just clothing and one toy). Last year, my very generous co-workers fulfilled the wishes of two whole families, going far beyond the requested items. Things are different this year, and families are doing their best to just handle their own needs. I know my co-workers have not turned stingy, I know they are giving as generously as they can. And this is why I’m angry.

We all helped these AIG bastards (pardon my French, but believe me, I showed tremendous restraint in the selection of that word) STAY IN BUSINESS! If if weren’t for us, they would be putting their own kids’ names on an angel tree somewhere (okay, I doubt it would come to that).

Congress had better find a way to stop this retention payment thing from happening. In fact, I’d like a thank you note from each and every one of these AIG ingrates expressing how pleased they are that my fellow taxpayers and I made it possible for them to continue having a job at all!

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  1. #1 by Shane Smith on December 11, 2008 - 12:17 pm

    My wife over the last 4 years has worked at 2 major banks that have not been taking part (largely, they are not clean as new fallen snow or anything) in the wonderful “rape the public adjustable rate loans” and other practices that have gotten so many into trouble this last year. Guess what that means! That means those banks don’t need a bailout!

    …but they aren’t exactly doing well either. So the bonuses are going south this year. At both banks.

    If only they had screwed over people for years and made extra large bonuses the last few years, they could get bailouts now, and have a bonus this year too!

    We are not only rewarding the people who screwed up and punishing the tax payers, we are punishing the companies that followed the rules.

    “May you live in interesting times!” Wish fulfilled!

  2. #2 by Kathrine Summers on December 12, 2008 - 12:57 am

    I am one of the hard working Americans that have AIG health insurance. Two weeks ago I was in the hospital for a procedure. I was embarressed by the way the hospital treated me for having this. They came to my room while I was sedated no doubt and stated “because I have this insurance I was considered a selfpay” I was livid. The Hospital was so afraid they were not going to get paid they wanted to make “arrangements”.
    I wonder if any of these post get read by the “ones who profit the most” from OUR money. I beleive I have paid far and above.
    As for all of the people out of work or still trudging the trenches like me I know that it is hard to keep up the holiday spirit. The turkeys may be soring or so they think at AIG but better men than them have fallen. So If any of you at AIG read this …just remember your upbringing and what would you tell a child at christmas that did not get helped due to greedy asses like you.

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