So they need to shell out a half of a billion dollars to keep employees (who should have been fired long ago) while continuing to ask for and take even more money from us, the taxpayers. This, of course, in addition to the fact that they continue to take expensive business trips to resorts:
American International Group plans to pay out $503 million in deferred compensation to some of its top employees, saying it must tap the funds to keep valuable workers from exiting the troubled insurance giant.
News of the payments to top AIG talent comes as the federal government has just put more money into saving the company from bankruptcy, beefing up the total public commitment to $152 billion. Meanwhile, members of Congress are questioning the company’s expenditures — including lavish business trips to resorts — during a time when taxpayers are on the hook for the bailout.
AIG’s troubles stem from bad bets it made guaranteeing and buying risky mortgage investments. On Monday, the U.S. government announced that it would have to expand its rescue of the company to nearly double the $85 billion loan it first provided in September when AIG was unable to pay billions of dollars in claims.
Somebody remind me why we continue to give them our money to bail them out when they don’t even stop to consider maybe, oh, cutting back on salaries and expenses for a while? These “top” executives they need to pay so much money to are the ones that got the company into this mess that we are paying for. Ugh. It never ends…