Seventy-Three New Millionaires at AIG, as the Company Fails
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.