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24 Mar 2009 09:30

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Biz, U.S.: Most of AIG’s top ten bonuses will be given back

  • nine execs have agreed to give their AIG bonuses back; the tenth guy didn’t. Let’s beat him up!
  • $50 million amount of bonuses the executives are giving back, out of $165 million total. source
Posted by Ernie Smith • 0 Comments • Permalink

20 Mar 2009 10:04

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Biz: Whoa. Wal-Mart handed out AIG-style bonuses to the cashiers!

  • $933 million in bonuses were handed out by the mega-retailer. Unlike AIG, we want them to hand these out.
  • $667 per person the average cash bonus for each Wal-Mart employee – including part-timers at their stores. source
Posted by Ernie Smith • 0 Comments • Permalink

18 Mar 2009 10:27

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Biz, U.S.: AIG’s CEO has an explanation for the bonuses

  • We have to continue managing our business as a business – taking account of the cold realities of competition.
  • AIG CEO Edward Liddy • On why they have to give out the bonuses. Essentially, as was suggested yesterday in this editorial, AIG needs to give out the bonuses to retain their employees. He’s telling this to congress right now, by the way. • source
Posted by Ernie Smith • 0 Comments • Permalink

17 Mar 2009 10:29

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Biz, Politics: A rare argument in favor of letting AIG keep their bonuses

  • Tearing up contracts could set a bad precedent. Obama and large swaths of the government (and large numbers of taxpayers) don’t like having to pay $165 million in bonuses, but it may just be in their best long-term interest to bite the bullet, argues Andrew Ross Sorkin. “If you think this economy is a mess now,” Sorkin argues, “imagine what it would look like if the business community started to worry that the government would start abrogating contracts left and right.” Oh boy. source
Posted by Ernie Smith • 0 Comments • Permalink

16 Mar 2009 21:09

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U.S.: Steam is coming out of Barack Obama’s ears over AIG

  • Under these circumstances, it’s hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay.
  • Barack Obama • On the bonuses AIG is about to pay its investors. The outrage is heating up by the day, as you might guess; Obama wants his treasury secretary to pursue “every legal avenue” to prevent the bonuses from coming out. • source
Posted by Ernie Smith • 0 Comments • Permalink

15 Mar 2009 11:05

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Biz, U.S.: Rep. Barney Frank wants to try to take back the AIG bonuses

  • Good for him! He’s a cool guy. Frank, a Democrat, said he’ll look into taking the roughly $1 billion in bonuses, which the company says it’s legally obligated to give out, away from the company. “We need to find out whether these bonuses are legally recoverable,” Frank said. AIG Financial Products is receiving half of the bonuses – they’re the part of the company that made the credit default swaps that screwed up the economy. source
Posted by Ernie Smith • 0 Comments • Permalink

29 Jan 2009 16:55

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Biz, U.S.: Obama to Wall Street: Massive bonuses are “shameful”

  • I saw an article today that indicated Wall Street bankers had given themselves $20 billion worth of bonuses. That is the height of irresponsibility. It is shameful.
  • Barack Obama • in a stern warning to Wall Street telling executives to stop giving themselves big bonuses. The president’s number was a little off; it was actually $18.4 billion, which is still, like, a lot of money. • source
Posted by Ernie Smith • 0 Comments • Permalink
 
 
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