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AIG: ‘Retention Payments’ My Arse

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AIG is at it again.  According to Hugh Son of  Bloomberg, The insurance giant is attempting to peddle millions in bonus to mangers and executives in the guise of  ‘retention payments’. 

In a prior round of ‘quiet greed’, AIG tried to sneak in additional bonuses to 130 of their managers, by making an announcement the night before Thanksgiving, when all concerned eyes were focused on traditional festivities.  That’s low, especially considering that every American taxpayer, regardless of consent, is invested in this failed corporation. 

Do the executives at AIG not realize that they are under the public microscope?  The same management that are receiving these retention payments were the one’s that spearheaded the company’s collapse.  All of these folks that are seeking retention, already earn six and seven figure salaries.  9 out of 10 households in America would love to have these guys base salary, let alone bonuses. 

AIG claims that the payments are designed to keep the best employees in the company, and that allowing these people to leave would be a disservice to the taxpayers.  Bullshit!  Where would these people go and where is their loyalty to country?  And why shouldn’t they leave? There are plenty of new faces that are perfectly capable and offer a fresh perspective to the company and industry. 

At heart, the tactics used by the bigwigs at AIG  demonstrates a cultural disconnect that has developed in the ‘Wall Street’ culture.  Wealth, luxury and shortsightedness clouded their judgement and it ended up raining on all of us. Americans have been willing to give these arses a life boat, and they are complaining it is not a yacht.

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Written by eastwood24

December 9, 2008 at 4:28 pm

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