AIG retention pay

Sorry if this has already been posted.


American International Group Inc., the insurer saved from collapse by government money after losses on credit-default swaps, offered about $450 million in retention pay to employees of the unit that sold the derivatives, according to two people familiar with the situation.

About 400 workers at the financial products unit may get the money in two installments, said the people, who declined to be named because details of the payments were confidential. The business was responsible for about $34 billion in write-downs since 2007 as the market value of swaps AIG sold to banks plunged amid the subprime mortgage market collapse.

The payments bring to more than $1 billion the amount AIG has committed to keep its employees from leaving. The New York-based insurer in September took a federal bailout to avoid bankruptcy and is selling subsidiaries to repay the government. AIG said the retention payment program was disclosed before the government rescue, now valued at $150 billion.
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http://www.latimes.com/business/la-fi-aig28-2009jan28,0,6613136.story

That's a million bucks each for those losers. These employees should be incarcerated, shackled and made to say what they did with the money.

Honest people lose their jobs and homes and these crooks get a million each to stay in their jobs. It's disgraceful.

:puke: