AIG paying $3 million to executives who were fired

Amazing that AIG does not yet get it. It’s time to use the power that the government has over there and clean house. The excuse from AIG is that this was deferred compensation that was previously earned. Um, yeah, but that previously earned revenue has been shown to be complete rubbish which is why there’s a massive bailout at AIG. If Congress has its way they will call another committee, roll in the TV cameras and then do nothing other than congratulate themselves for the show so to be fair to AIG, they’re not the only ones who don’t get it.

American International Group, the insurer getting a $152 billion federal bailout, in a regulatory filing late on Tuesday disclosed it would pay roughly $3 million to several executives under deferred compensation plans that are being terminated.

AIG said last week that it would terminate plans totaling $503 million in deferred compensation because it did not want to provide an incentive to employees to quit the company.

The additional disclosure follows New York Attorney General Andrew Cuomo’s writing to the insurer on Tuesday to ask for information on any bonuses or salary raises for 2008.

You see, we only know this because Cuomo pushed the issue instead of playing dumb and leaving it all to Paulson.

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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