Monday, March 16, 2009

THIS IS GETTING WEIRD

The AIGFP MOTU got their obscene deal done back in early 2008 when people knew that the derivatives market were going to plunge. Why didn't someone at AIG object to this outright theft?
Bonus Money at Troubled A.I.G. Draws Heavy Criticism
By EDMUND L. ANDREWS and PETER BAKER
Published: March 15, 2009
NY Times

A.I.G. had set up a special bonus pool for the financial products unit early in 2008, before the company’s near collapse, when problems stemming from the mortgage crisis were becoming clear and there were concerns that some of the best-informed derivatives specialists might leave. It locked in a total amount, $450 million, for the financial products unit and prepared to pay it in a series of installments, to encourage people to stay.

I'd really like to know the name of these 7 people:
The bonuses will be paid to executives at A.I.G.’s financial products division, the unit that wrote trillions of dollars’ worth of credit-default swaps that protected investors from defaults on bonds backed in many cases by subprime mortgages.

The bonuses for the 400 employees range from as little as $1,000 to as much as $6.5 million. Seven executives at the financial products unit were entitled to receive more than $3 million in bonuses.

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