Monday, March 16, 2009

AIG does it Again

I don’t believe the arrogance of these people. Now it appears our least favorite financial incompetents are on the verge of dealing out another $165 million in bonus and retention pay to employees of the Financial Products division, the division that underwrote all those risk laden subprime mortgages that blew up in AIG’s face.

WTF? AIG CEO Edward Liddy claims that the company is legally obligated to honor the bonus payments which were established in early 2008 before it hit the fan. Then Liddy went on to make this incredible statement, “We cannot attract and retain the best and the brightest talent to lead and staff the A.I.G. businesses — which are now being operated principally on behalf of American taxpayers — if employees believe their compensation is subject to continued and arbitrary adjustment by the U.S. Treasury.”

Best and brightest? You lost $61.7 billion (yes that’s right, with a “b”) last year you incompetent SOB. If what you have is the “best and brightest” I’d hate to see what you call the bottom of the barrel.

Did I mention that the AIG Financial Products division is under investigation by the U.S. Department of Justice, the Securities and Exchange Commission and the U.K.’s Serious Fraud Office? Oh yeah, those bozos definitely deserve bonuses and retention pay. We wouldn’t want to lose them would we?

I say we line up all the AIG executives from Financial Products, and any considered above the division level like Liddy, choose one out of ten and either (a) execute them by suffocation in a vat of $1 bills or (b) confiscate every penny they have including the money hidden in family member accounts. Their choice, I’m willing to be flexible.

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