Wednesday, May 06, 2009

AIG: Bonuses 4x bigger than reported

Another record year for bonuses! What recession? What depression?

Well isn't that special! AIG bonuses turn out to be 4x higher than reported! Furthermore, let's not mention that these bonuses were for a job well done for much needed essential financial services for our country!

"AIG now says it paid out more than $454 million in bonuses to its employees for work performed in 2008.

That is nearly four times more than the company revealed in late March when asked by POLITICO to detail its total bonus payments. At that time, AIG spokesman Nick Ashooh said the firm paid about $120 million in 2008 bonuses to a pool of more than 6,000 employees.

The figure Ashooh offered was, in turn, substantially higher than company CEO Edward Liddy claimed days earlier in testimony before a House Financial Services Subcommittee. Asked how much AIG had paid in 2008 bonuses, Liddy responded: “I think it might have been in the range of $9 million.”"

[Article] Lying scheming AIG okie-dokies its way into paying much higher bonuses than reported

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