AIG said to offer bonuses to at least 2000 more workers (loan, insurance)

[Woof]

AIG Said to Offer Retention Payment to Bigger Group of Workers




By Hugh Son
Dec. 13 (Bloomberg) -- American International Group Inc., the insurer under fire for paying 168 executives not to quit after a government takeover, is giving retention awards to at least 2,000 more employees, according to a person familiar with the matter.
The “retention bonus” equals as much as a year’s salary and recipients were ordered to keep the payment secret, said the person, who declined to be named because the plan was labeled confidential. Awards were offered to as much as 10 percent of staff at businesses that are for sale, including plane-leasing and insurance units in the U.S. and overseas, the person said.
AIG said in September that 130 executives will get awards, just days after the New York-based firm got a government rescue package that now totals $152.5 billion. AIG Chief Executive Officer Edward Liddy told Congress last week the payments will go to 168 people, with some getting as much as $4 million.
“If it has the money to give these disguised bonuses to thousands of its employees, then I think it is time for Mr. Liddy to write a check to the federal government repaying the money it took,” said Representative Elijah Cummings, a Maryland Democrat, in a statement yesterday. ...... (remainder of article at Bloomberg.com: Worldwide )

[HappyTexan]

Well if they run low they can ask Uncle Ben or Uncle Hank for more. Why should they have to cut back spending when we have plenty of money in the Fed Reserve to loan to them ?

[Stac2007]

The government is full of dupes.

[coldwine]

Is it still wrong to loan money to GM at this point, or are we still OK with giving money for free to banks?