AIG have kindly released this document after putting the boot into the US taxpayer with its mind-boggling announcement of huge retention and other bonuses.

Course, it's really all for the public good explained Mr Edward Liddy, the group's CEO. According to Bloomberg he argued that such payments help the taxpayer by making AIG units attractive to buyers.

That is, someone will want to buy and retain the talent that made the company what it is today.

But back to the document detailing who got paid by tax-transfer broker AIG. A summary of the main beneficiaries:

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3 comments

  1. Anonymous // 8/12/2009 02:33:00 PM

    The underlying assumption here is that AIG acted unlawfully, hence the anger. This article
    (http://www.emeconomy.com/&mod=search&searchWords=cassano&st_id_search=97278&time=0&sub=1), shows an interesting view that really makes me question this view.

  2. Admin // 8/12/2009 03:01:00 PM

    Thanks for the link.

    The underlying assumption of the angry taxpayer, I think, is that AIG incompetently wrote CDS for which it had an incomplete understanding of the risks and then hit the public for a thumping bailout. And did the executives themselves forego any of their handsome compensation?

    Here's Mr Cassano in August 2007:

    "It is hard for us, without being flippant, to even see a scenario within any kind of realm of reason that would see us losing one dollar in any of those transactions."

    The allegations of wrong doing seem to me to be a secondary - but inmportant - factor.

  3. Anonymous // 8/12/2009 03:11:00 PM

    Acting incorrectly and unlawfully are two separate action. I think people are overlooking this major distinction. That being said, I still do not maintain Cassano acted incorrectly, given the information he had. He was caught in the center of a "perfect storm."

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