"The American International Group, which has received more than $170 billion in taxpayer bailout money from the US Treasury and Federal Reserve, plans to pay about $165 million in bonuses to executives in the same business unit that brought the company to the brink of collapse last year. The payments to A.I.G.’s financial products unit are in addition to $121 million in previously scheduled bonuses for the company’s senior executives.
A.I.G.’s main business is insurance, but the financial products unit sold hundreds of billions of dollars’ worth of derivatives, the notorious credit-default swaps that nearly toppled the entire company last fall.
A.I.G. had set up a special bonus pool for the financial products unit early in 2008, before the company’s near collapse, when problems stemming from the mortgage crisis were becoming clear and there were concerns that some of the best-informed derivatives specialists might leave.
Edward M. Liddy, the government-appointed chairman of A.I.G., argued that some bonuses were needed to keep the most skilled executives."
AIG loss in 2008 was $99.3 billion.
Fin. Times : "Goldman Sachs Group Inc and 22 European banks were the major beneficiaries of US$93-billion in payments from AIG -- more than half of the U.S. taxpayer money spent to rescue the massive insurer."
Goldman Sachs was formerly led by Henry Paulson who was treasury secretary at the time of the original AIG bailout.
Michael Parenti : "They don't mind recessions. Recessions are fine. It allows them to buy up smaller companies at bargain prices. It disciplines labor. It humiliates and beats back people. And this, I think, is what we're facing.
And it's not merely because of a number of wicked personalities, because these personalities are brought to the fore. Those are the people who get the rewards.
The free market does not work. It's not free. It's not really a market; it's a plunder. And it has to be done away with."
- ► 2014 (129)
- ► 2013 (138)
- ► 2012 (58)
- ► 2011 (142)
- ► 2010 (279)
- CSIS just fine with tips "extracted" via torture
- Braidwood Inquiry : Blaming the victim
- George Galloway update : Would anyone else care to...
- F Words 2009!
- George Galloway Petitions : Let Him Speak vs Keep ...
- Canada throws up yet another roadblock to Abdelraz...
- George Galloway runs smack into the Canada-Israel ...
- RCMP : Getting away with murder
- Captioning the Braidwood Inquiry
- Braidwood Inquiry - The return of the Staples Defe...
- Canadian Club on Ice begins today
- Braidwood Inquiry resumes tomorrow; William Elliot...
- Canadians plan physical escort of Galloway into Ca...
- George Galloway vs the Canadian director of the Je...
- Matt Taibbi : The Big Takeover
- Jason Kenney spokesthingey Alykhan Velshi is an in...
- Canada bans Galloway
- RCMP runs out the clock on another inquiry
- Harper slashes RCMP watchdog funding
- The free market : it isn't free and it isn't a mar...
- Kady liveblogs the Manning Netwonking Conference
- Cramer vs Stewart
- Abdelrazik has his ticket!
- Cons to bring back anti-terrorism powers
- UN report on torture and rendition cites Canada
- "AirShow" MacKay's excellent NATO audition
- Viva Palestina! convoy has entered Gaza!
- Emma celebrates International Women's Day
- Viva Palestina! - media blackout
- The Canada-US Project : Deep integration redux
- Canada, Sudan, and the stench of hypocrisy
- Braidwood Inquiry : Can't get their stories straig...
- Braidwood Inquiry - A third officer is forced to r...
- The "Master Narrative" on Afghanistan
- ▼ March (34)
- ► 2008 (356)
- ► 2007 (317)
- ► 2006 (286)
- Canadian Progressive Voices
- 404 System Error
- A Creative Revolution
- Accidental Deliberations
- Another Voice
- April Reign
- Back of the Book
- Big City Lib
- Birth Pangs
- Blogging Change
- Bowen Island Journal
- Bread and Roses
- Canadian Cynic
- Challenging the Commonplace
- Council of Canadians
- Cracked Crystal Ball
- Crawl Across the Ocean
- CREEKSIDE - THE SPP POSTS
- DAMMIT JANET!
- Dawg's Blawg
- De Koboldorum Rebus
- Dymaxion World
- hairy fish nuts
- Harper Valley
- Just Another Willy Loman
- Laila Yuile
- Leftist Jab
- Let Freedom Rain
- Liberal Catnip
- Mirabile Dictu
- Montreal Simon
- Moved to Vancouver
- Murray Dobbin
- Northern Insights
- Of Gods & Other Monsters
- Open Parliament
- Orwell's Bastard
- Paying Attention
- Politics 'n Poetry
- Public Eye Online
- Pushed to the Left and Loving It
- Q at North of Center
- Red Tory
- Resettle THIS!
- Rose's Place
- Runesmith's Canadian Content
- Rusty Idols
- Steve & Sandra Toons
- Terrible Depths
- The Black Ewe
- The Dominion
- The Galloping Beaver
- The Gazetteer
- The Regina Mom
- The Sixth Estate
- The Tyee
- The Woodshed
- They Call Me "Mr. Sinister"
- Thinking Aboot
- Thwap's Schoolyard
- Trapped in a Whirlpool
- Unrepentant Old Hippie
- Youngfox Canada