$165 million in bonuses to your employees? Really?
In the wake of the $170 billion government bailout the company has received, this move defies reason and only serves to underscore the prevailing greed that has created this global financial disaster.
The best quote I've seen so far was from New York attorney general Andrew Cuomo, who said, "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. Something is deeply wrong with this outcome."
The company says these bonuses are needed to persuade employees to stay on with the company. Where else are they going to go and work? The companies that haven't imploded are significantly impaired. These folks are lucky they still have jobs at all.
It is shocking to think that no one at A.I.G. saw the awarding of these bonuses as an impending PR or business disaster. But apparently sound judgment is not something the company is flush with.