Word: aig
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...AIG paid out the bonuses, probably obtained by the employees fair and square in outrageous employment packages. No one seems to have disclosed the name of the people who signed the agreements on behalf of AIG, or who approved them in the first place. AIG's clueless CEO, Edward Libby, will go before Congress to try to explain that. (See the top 10 bankruptcies...
...long and short of it is that AIG will pay back taxpayers for the bonuses using taxpayer money. AIG has no money of its own. It has planned to sell off some of its divisions to raise capital. With one or two exceptions, there have been no takers. Perhaps the cause of that is tight credit markets, or perhaps the AIG operations that are one the block are not terribly attractive...
...After a day or two of thrashing AIG and its employees, Congress and the Treasury can pretend to use government bailout money to pay the government back. Or, they can hang on to the issue because it makes for a good political circus. If the latter path is the preferred plan, the business of putting hundreds of billions of dollars into the economy to save it from a deepening recession can be put off to the side of the agenda and the most important work of the Administration can be delayed...
...Read a TIME story on AIG...
Even as the rest of Washington debated why the grave robbers of AIG should continue to profit from the carnage they helped cause, Senator Charles Grassley, Republican of Iowa, tended to the mob: He'd feel a little better, he said, if AIG's executives would "follow the Japanese example and come before the American people and take that deep bow and say I'm sorry, and then either do one of two things: resign or go commit suicide." Grassley's spokesman later clarified that he was just "speaking rhetorically" as far as the suicide part went...