AIG has been in the news everywhere lately. The company got a more than $170 billion bailout from the US government. Why? Because they've had several leaders who made bad choices and ended up barely alive. So, the government decided to help them out.
With Obama and his watch dogs keeping a close eye on how the money is spent, you'd think the company would be straight as an arrow with how it handles the money. Because, essentially they don't own the company anymore--the American taxpayers do. Yep. We own 80% of AIG. So, technically we are the majority shareholders and all decision making should be put to a vote with our approval right? HA!
With the more than $170 billion of OUR money, a bunch of executives got bonuses. The bonuses totaled up to be $165 million! That's $165 million of OUR money! AIG paid 73 employees bonuses of more than $1 million each. The largest was $6.4 million.
I'm in agreement with a lot of opinions out there--if you're company is doing bad, you don't accept or give out bonuses. The top executives are the last ones that should be accepting the money.
This might be a bit harsh, but I'm also in agreement with Iowa Sen. Charles Grassley when he said that AIG executives should accept responsibility for the collapse of the company by quitting or killing themselves.
Here are two articles from CNN and TIME.
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