Back in November we reported that AIG had decided to give a reported half billion dollars and change to its top executives to retain the services of the financial geniuses who drove the company to ruin and forced a $150 billion bailout.
So today’s news should come as little surprise. Bloomberg.com reports that the earlier bonus was more on the order of $619 million once you added in all the extras like life insurance and such. Now the word is that the company has approved an additional $450 million to “retain employees.”
Last I heard, most folks in the financial services industry didn’t need $1+ billion in bailout money to convince them to stay in their jobs these days, especially if the best thing on their resume was that they helped manage one of the largest bankruptcies in global history.