Seventy-Three New Millionaires at AIG, as the Company Fails
Jul 31, 20208.6K Shares787.9K Views
More details on those AIG bonuses are coming out, courtesy of New York Attorney General Andrew Cuomo’s pestering of the company for more information, The New York Times reports.
The startling details are outlined in a letter to Rep. Barney Frank (D-Mass.), chairman of the House Committee on Financial Services. Brace yourself, as the Irish say:
“„“A.I.G. made more than 73 millionaires in the unit which lost so much money that it brought the firm to its knees forcing a taxpayer bailout,” Mr. Cuomo wrote in the letter. “Something is deeply wrong with this outcome.”
“„Mr. Cuomo did not name the bonus recipients, but the numbers are eye-popping, given A.I.G.’s fragile state. The highest bonus was $6.4 million, and six other employees received more than $4 million, according to Mr. Cuomo. Another 15 people received bonuses of more than $2 million, and another 51 people received bonuses between $1 million and $2 million, Mr. Cuomo said. Eleven of those who received “retention” bonuses of $1 million or more are no longer working at A.I.G., including one who received $4.6 million, he said.
Well, that was money well spent. It’s hard to imagine what else could be out there to stir up the pot of populist anger even more. But given the steady drip of jaw-dropping details emerging daily, I’m sure more outrages will be revealed soon.
Camilo Wood
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Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing.
Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers.
Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
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