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ADismalScience
03/16/09

In reply to New York's Crusading A.G. Demands AIG Bonus Disclosure
Editor, the post is missing the "Meaningless Gestures" tag
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Aaron Altman
03/16/09

In reply to New York's Crusading A.G. Demands AIG Bonus Disclosure
(Fax machine rings.)

CUOMO STAFFER:

Oh good, it's 3:49PM, and here's the list with 11 minutes to go! Let's have a look: Parker, Bonnie; Barrow, Clyde; Dillinger, John; Cassidy, Butch; Hearst, Patty. Yeah, looks about right!
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depardoo
03/16/09

In reply to New York's Crusading A.G. Demands AIG Bonus Disclosure
I love the floating wine glasses behind Elliot's and Andy's heads. And the floating "39" - was that Spitzer's client number?
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dado
03/16/09

In reply to New York's Crusading A.G. Demands AIG Bonus Disclosure
I know it's almost St Paddy's day, but from Cuomo, to Chris Dodd, to any other "outraged" official, remember, not too many people look good in green. Just quit and earn your bucks like Rahm Emanuel...$18 million for only two years work at Dresdner Bank with no real experience. Envy and pandering will not make these problems any worse.
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FormerEnglishMajor
03/16/09

In reply to New York's Crusading A.G. Demands AIG Bonus Disclosure
The problem is that there are contracts. Early last year, they hired a bunch of guys for this group after getting rid of the head of it. These people have contracts guaranteeing a 2008 bonus. I don't agree with it, but there is only one alternative: contracts are null and void with a bankruptcy filing.

Have at it.
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friend_of_a_friend
03/16/09

@FormerEnglishMajor: I generally agree with you. My only thought was, from a PR perspective, AIG should refuse to pay the bonuses they owe and let employees sue them. That way only the people who aren't embarassed to collect the money will sue.

On a related note, the treasury department is starting to worry me just a wee bit. The government essentially owns AIG and still they let things like this happen??? This is one more reason the govt shouldn't nationalize banks.
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misslinda
03/16/09

@FormerEnglishMajor: While there may be contracts guaranteeing 2008 bonuses (in some cases there are, others there are not), there is nothing guaranteeing a bonus of any particular amount, and as with any corporate bonus, it is contingent on the health of the corporation. So I say give 'em their promised bonuses, but keep it in the twenty or thirty dollar range. Maybe a nice gift certificate to TGI Fridays.
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Uncle_Billy_Slumming
03/16/09

@FormerEnglishMajor:

Fuck bonuses. Fuck contracts between scumbags. Anything over $250,000 transferred to scumbags from scumbags or stolen by scumbags from non-scumbags -- the expression is "clawed back."

Sorry. Particularly foul mood today.
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SidAndFinancy
03/16/09

@misslinda:

Might be just what they need.
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i'm a bottle
03/16/09

@friend_of_a_friend: Who's embarrassed to collect money? I think it might turn into a huge disaster for any company to do that because most employees will sue, and then there will be court costs to be dealt with.
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FormerEnglishMajor
03/16/09

@friend_of_a_friend: The only problem with refusing to pay and letting them sue is: that means our tax dollars go to the lawyers rather than the jerks at AIG. What is the lesser of the two evils?

@Uncle_Billy_Slumming: I feel the same way you do. My s.o. works at a place where no one got paid (they make low salaries and have to earn their keep with the business they bring in) - except the jerks they hired from a now-defunct-house who have brought in exactly 0.... but had big guarantees. One of them was joking on the desk about how much he hated going to St. Bart's but his kids loved it. Surprised he wasn't lynched by his colleagues.
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friend_of_a_friend
03/16/09

@FormerEnglishMajor: As a lawyer, I'm voting for lawyers.

But seriously, I think this thing could've been handled better. If they are obligated to give bonuses in their life insurance or aircraft leasing groups - go for it. Just announce that you're paying contractual bonuses to people in profitable sectors of your business. Whatever you do, don't pay the CDS guys. Fire them all and hire a new crew. Plenty of out of work CDS guys swarming NY and London - they could have the pick of the litter.
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