Word: bonuses
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Although Treasury Secretary Timothy Geithner told congressional leaders on Tuesday that he learned of AIG's impending $160 million bonus payments to members of its troubled financial-products unit on March 10, sources tell TIME that the New York Federal Reserve informed Treasury staff that the payments were imminent on Feb. 28. That is 10 days before Treasury staffers say they first learned "full details" of the bonus plan, and three days before the Administration launched a new $30 billion infusion of cash...
...After the firestorm over bonuses at AIG (AIG), all programs to keep total compensation for bankers high are going to get a government rebuke. The AIG incident has made it almost impossible for the Administration to allow any Wall St compensation that appears excessive to be used to retain bankers. (Read "Obama's Challenge: Containing the AIG Bonus Outrage...
...billion in emergency funds - an enormous sum that works out to about $600 for every man, woman and child in America. "How do they justify this outrage?" Obama asked rhetorically, with only the slightest tinge of outrage in his own voice. (Read "Obama's Challenge: Containing the AIG Bonus Outrage...
Obama's focus at the White House was on bonuses for AIG's 370-person financial products division, the London-based unit largely responsible for the company's debacle involving bad bets insuring mortgage-backed securities. Overall, however, three separate, AIG-wide retention and bonus payments due to start later in March will spread some $1.2 billion among roughly 6,400 of the firm's 116,00 staff. Seven people at the financial products unit are in line for more than $3 million in extra 2008 compensation...
Unemployment Bonus. When you're jobless, you've got the time but not the dough to travel. So Vermont's Rabbit Hill Inn is offering a free two-night getaway, including dinner, breakfast and afternoon tea, to six lucky laid-off workers (must be over 25 years old and have been unemployed for six months) and their guests. The owners' aim is to rejuvenate winners, so they can get back to pavement-pounding with a springier step. Send a letter or an e-mail (info@rabbithillinn.com) by June 1, 2009, explaining your story in one page or less...