Sunday, March 15, 2009

AIG to Geithner: “Go Screw Yourself. We’re Paying the Bonuses.”

Richard Blair, All Spin Zone: As I watched CNBC’s Jim Cramer getting drawn and quartered by Jon Stewart this past week, it was quite clear that people like Cramer (and the rest of the money geniuses who operate in a hermetically sealed financial environment) just. don’t. fucking. get. it.
At some point very soon, the pitchfork-and-torches “angry mob” is finally going to get off the couch. And it’s not going to be pretty when it happens:
Despite receiving $170 billion in federal aid and recording a staggering loss for the last quarter, insurance giant American International Group is doling out tens of million of dollars in bonuses this week to senior employees.
…In a phone call on Wednesday, Treasury Secretary Timothy F. Geithner told AIG Chairman and chief executive Edward M. Liddy (pictured) that the payments were unacceptable and needed to be renegotiated, according to an administration source.
The company has since agreed to change the terms of some of these payments. But in a letter to Geithner, Liddy wrote that the bonuses could not be cancelled altogether because the firm would risk a lawsuit for breaching employment contracts. Liddy also expressed concerns about whether changing the bonuses would lead to an exodus of talented employees who are needed to turn the company around…
They truly don’t get it. They just don’t get it. And I don’t think they care.
LSB: He's concerned about an "exodus of talented employees"... really? I mean REALLY? Where are these losers who got this company in this mess going to go?

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