American International Group, the insurer getting a $152 billion federal bailout, in a regulatory filing late on Tuesday disclosed it would pay roughly $3 million to several executives under deferred compensation plans that are being terminated. IG last week said the monies being paid under the deferred compensation were previously earned, and had no connection to the federal bailout.
AIG’s bailout package was originally $85 billion, but ballooned to $152 billion when it became clear the lower amount would not be enough.
So not only are they getting paid $3 million dollars after being terminated, but it’s because of deferred compensation – money they “made” back when they were driving the company towards collapse. These people just do not get it, so why is Congress allowing them to continue to spend our money? Every day this bailout gets worse and worse. Next up, the auto industry – who should not get a dime. They are the ones who have refused over the years to update their business model and make more fuel efficient cars, which allowed the Japanese and German manufacturers to outsell them by millions. If we give them bailout money it will only prolong the inevitable, as they have been shown to be unable to adapt and change. Once they burn through that money running the same old operation, they will just come back again for more like these banks are.
But then again, we give subsidies to everyone from the airlines to the oil companies to the owners of coal plants, so at this point what’s the difference…