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Bonuses in the AIG poker game: We stole it fair and square
In my previous post on the Financial Stability plan presented by the Obama administration, I mentioned the dangers involved with dealing with some of the sharpest players on Wall Street. I used the analogy of not knowing who the sucker is when you sit down at the poker table because it turns out to be you!
It turns out that the taxpayer bailout money was used to pay bonuses of about $450 million to a small group of employees at the business unit that lost $40.5 billion last year at AIG and caused the crisis in the first place. Apparently, this appears to be a contractual obligation of AIG which cannot be abrogated.
Continue reading Bonuses in the AIG poker game: We stole it fair and square
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