Can you imagine this? You work for a company, AIG, and are responsible for billions of dollars of losing derivatives trades that ends up in a $180 billion government bail out and now you are getting $46 million dollars in pay and bonuses, even if you have left the company.

It was American International Group's (AIG) division AIGFP that was responsible for the bad trades. It is the former and current employees who worked in AIGFP who are receiving the $46 million.

This $46 million is taxpayer money, coming out the government bail out of AIG.

Continue reading AIG to Pay Out $46 Million to Those Responsible for Its Demise

AIG to Pay Out $46 Million to Those Responsible for Its Demise originally appeared on BloggingStocks on Mon, 15 Mar 2010 14:00:00 EST. Please see our terms for use of feeds.

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DailyFinance today: Will GE be able to allay investor' concerns, ultraportables vs netbooks, is now a good time to jump back into stocks, and good luck getting AIG's bonuses back originally appeared on BloggingStocks on Wed, 18 Mar 2009 18:00:00 EST. Please see our terms for use of feeds.

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

Bonuses in the AIG poker game: We stole it fair and square originally appeared on BloggingStocks on Mon, 16 Mar 2009 17:50:00 EST. Please see our terms for use of feeds.