AIG sets deadline to hand back bonuses

Wonderful. And as I have said repeatedly, these people (and many more on Wall Street) were paid very well the last few years selling garbage. Everyone profited throughout these companies, pulling in superstar money regardless of the worthless products they were selling. Nobody complained in those organizations back then and to date, nobody in power has had the guts to demand repayment of those bonuses. Maybe we all have different ideas of what constitutes fraud with me having the crazy idea that selling a rotting corpse that gets smellier by the day but billing it as gold might be fraudulent. Either way, someone needs to get these latest bonuses back and then start investigating the previous rounds. This scam makes Madoff look like child’s play but at least he’s going to prison.

Management at American International Group’s financial products unit asked its employees to let the unit know by 5 p.m. on Monday if they plan to return all or part of the bonuses they got under an employee retention program, said the Wall Street Journal, citing a person familiar with the matter.

The request comes amid tight corporate security for AIG, which has received more than $170 billion in taxpayer money. The insurer urged staff to take measures “to increase their overall safety and security” due to “a growing sense of public attention fueled by increased media scrutiny.”

Right. It’s the media’s fault and the poor little lambs are all victims. Uh huh. Poor things might have to send their kids to a boarding school that is only $10,000 per year because they can no longer afford the top schools. It’s good that they do wear the badges. That way everyone knows to firmly grasp their wallet and then run for their life before the greedy bastards take what’s left.

An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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