After Rescue, Bonuses Still Flow At AIGUmm, when even lawyers and bankers are filing for unemployment, why do these executives need a 'bonus' to keep working? One would think just keeping the paycheck would be enough incentive.
Insurance giant AIG was given $152 billion in bailout money by the federal government since nearly collapsing in September. 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.
AIG's new CEO is only taking a single dollar for his compensation this year and the top 60 executives won't be getting bonuses. But that hasn't stopped AIG from finding a creative way to keep some of their top employees in what they're calling "retention payments,"
In related news: The rethuglicans in the Senate trashed the auto bailout when Dems wouldn't give in to their demand that people making $28 per hour take a pay cut. When was the last time congress voted themselves a pay cut? [hint: NEVER!]
I did good work and good works this year and I make less than 10% of their salaries and less than 1% of Wall Street execs. I'm not getting a bonus this year and I'm not getting a raise this year and I didn't get $152 BILLION to bail out a predictably failed business model ... but I count myself lucky I still have a job.
Now excuse me while I comfort myself with bread and circuses (AKA the NFL.)
Cross posted at VidiotSpeak