Connecticut’s attorney general says AIG documents show that insurance company paid out $218 million in bonuses, much higher than the $165 million it had reported, the AP is reporting.
Attorney General Richard Blumental says the files show that five executives received bonuses of more than $4 million. His office received documents after having issued a subpoena for them.
AIG has received more than $180 billion in federal bailout money.
It looks like AIG’s biggest problem is simple addition. Is anyone at AIG smarter than a fifth-grader?
AIG executives will say, “This is how we do business and business is good.” Excuse me, guys, but I think you’re holding that chart upside down.
First AIG goes broke and asks the government for a bailout. Then it pays retention bonuses to executives it did not retain. Now it can’t count how much it really paid in bonuses. Is it any wonder the economy is so screwed up?
AIG stands for American International Group, but it needs a new name to reflect its current place in the market:
• Avarice Is Good
• Accounting? It’s Goofy!
• Ain’t It Great?