17.3.09

AIG bonuses

ALBANY, N.Y. – New York Attorney General Andrew Cuomo says troubled insurance giant American International Group paid bonuses of $1 million or more to each of 73 employees, including 11 who no longer work for the company.

Cuomo subpoenaed information from AIG on Monday saying he wanted to determine whether the payments constitute fraud under state law.

President Barack Obama and Washington lawmakers have blasted AIG for paying $160 million in bonuses to employees of the unit primarily responsible for the company's meltdown at the same time it has received federal assistance.

Cuomo says contracts written in March 2008 guaranteed employees 100 percent of their 2007 pay for 2008, regardless of their performance.

The bonuses would amount to about 1/2 of 1% of the money stolen from the American people for the TARP bailout.

Another crisis brought to you by the democratic party.

In a non-related note: Nancy Pelosi the Speaker of the House wants a new Boeing 757-300 aircraft to fly to San Francisco, and back without needing to refuel. The cost in 2002 for a new Boeing 757-300 was $80 millions. There was no apparent comment by Andrew Coumo, Barney Frank or Chris Dodd.

Dieu le Roy,
Brantigny

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