Wednesday, March 25, 2009


Interesting editorial today in the NYT from an exec at AIG who announces his resignation and gives his side of the story to the people that were promised the bonuses which are triggering outrage across the country.

He actually raises some fair points in his defense -- not everyone at AIG is to blame for the mistakes of the few, politicians grandstand and scapegoat people without understanding all the facts, and this guy is actually donating his bonus to charity (assuming Congress doesn't tax it at 90% like the Dems have proposed).

It goes to show that there are two sides to every story. That said, he lost me once I read down at the end of the article about how much the guy made in that bonus. Unbelievable.

"Dear AIG, I Quit!"
On March 16 I received a payment from A.I.G. amounting to $742,006.40, after taxes. In light of the uncertainty over the ultimate taxation and legal status of this payment, the actual amount I donate may be less — in fact, it may end up being far less if the recent House bill raising the tax on the retention payments to 90 percent stands. Once all the money is donated, you will immediately receive a list of all recipients.

The comments online in response have been brutal. My personal favorite:

In what other universe does a company that loses $60B in one quarter pay huge bonuses negotiated when it was clear the company was going down. Thanks to the U.S. taxpayers, which will be paying for this debacle for many years, AIG is still a company instead of a bankrupt shell and you still have your stocks and they may someday be worth something

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