So they were doing all these bad derivative deals which led to the sub prime mess and they are mad they didn’t get bonuses? What is this world coming to?
IF their bonuses were performanced based – end of discussion. The company lost billions. When employers lose money, they don’t pay bonuses. IF AIG contractually agreed to pay them “bonuses” and the money they cost AIG was not a factor – shame on AIG.
I have heard the argument that they need to not just pay, but contractually guarantee, big bonuses in order to attract talent. You would think $100M would by people talented enough to not nearly bankrupt one of the biggest companies in the world. I have also heard that these “staffers” were not responsible for the policies which nearly took them down, they just worked for the people who were. So they had no idea what they were doing but still deserve $100M? Or did they enter into these contracts guaranteeing them big bonuses, knowing they were destroying the company?
Most likely – because they did derivatives for AIG, no one else will hire them and now they are looking for a golden parachute…cry me a river.
I talked to a company rep who was doing these deals for AIG at the time. He absolutely knew what would be coming down, but was smart enough to leave before it hit the fan.
So they were doing all these bad derivative deals which led to the sub prime mess and they are mad they didn’t get bonuses? What is this world coming to?
This is disgusting no matter how you look at it.
IF their bonuses were performanced based – end of discussion. The company lost billions. When employers lose money, they don’t pay bonuses. IF AIG contractually agreed to pay them “bonuses” and the money they cost AIG was not a factor – shame on AIG.
I have heard the argument that they need to not just pay, but contractually guarantee, big bonuses in order to attract talent. You would think $100M would by people talented enough to not nearly bankrupt one of the biggest companies in the world. I have also heard that these “staffers” were not responsible for the policies which nearly took them down, they just worked for the people who were. So they had no idea what they were doing but still deserve $100M? Or did they enter into these contracts guaranteeing them big bonuses, knowing they were destroying the company?
Most likely – because they did derivatives for AIG, no one else will hire them and now they are looking for a golden parachute…cry me a river.
I talked to a company rep who was doing these deals for AIG at the time. He absolutely knew what would be coming down, but was smart enough to leave before it hit the fan.