International lenders did not disclose specificities, but said it was part of global cost-cutting plansNovember 26, 2015 11:32
How is the CEO of American insurer, AIG, connected to the man building The World? And where does a Sarah Palin imitator fit in?
March 18, 2009 3:36 by Aarti Nagraj
The US-based insurer American International Group has recently come under fire for reportedly handing out its employees $165 million in bonus payments. In 2008, AIG was on the verge of bankruptcy and received $180 billion in bailout payments from the US government.
US President Barack Obama called the payments “an outrage.”
“All across the country, there are people who work hard and meet their responsibilities every day, without the benefit of government bailouts or multimillion-dollar bonuses,” said Obama. “It’s hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay.”
As the CEO and chairman of AIG, Edward Liddy has a lot to answer to the government that appointed him to the post in 2008. The former chairman of the Allstate Corporation also works for private equity investment firm, Clayton, Dubilier & Rice and sits on the board of 3M.
According to Liddy, the bonuses had to be paid to “honor contracts signed before the financial crisis hit” and that they “had been revamped and cut by as much as 30 percent.”
Investigating AIG’s bonus information is…
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