Is there a legal way to recoup the $165 million in bonuses to
AIG?
THIS WEEK’S QUESTION:
“Is there a legal way to recoup the $165 million in bonuses to AIG?” Yes: 7 No: 5
? Karen Anderson: “The government is figuring out a way to make it legal, despite AIG’s claims otherwise. Bottom line: no more bailout, at the least.”
? Bert Berson: “Yes. But is it worth it? We have more urgent business.”
? Chris Bryant: “No. However, this should be a wake up call for all companies to reconsider contracted bonuses to include clauses that require the companies to be profitable in order for bonuses to be paid.”
? David Cohen: “Not really, unfortunately. It’s more important to focus our energies on solving the financial calamity we are in. The bonuses are an ugly diversion.”
? Dennis Kennedy: “Yes. Initiate Chapter 11 actions for AIG.”
? Julian Mancias: “Yes. All of the bonus recipients should be legally fired.”
? Linda McNulty: “Apparently there is, since the government is now taking steps to investigate this.”
? Henry Miller: “I have no idea. But if there is, I certainly hope someone who knows how will go for it.”
? Lisa Pampuch: “Probably not; but some perspective is in order – the bonuses that are causing so much outrage (Sen. Grassley (R-IA) suggested executive suicide!) equal .1 percent of the federal funds that AIG received. While I dislike these bonuses, I wonder why don’t we have this outrage over the billions spent and lives damaged and lost in an unnecessary war in Iraq?”
? John Quick: “I’m sure there is, but this is just a distraction from what needs to happen which is re-regulation so that individual companies don’t require bailouts in the future. The amount given in bonuses is less than 0.1 percent of the bailout. While it doesn’t feel good, it is not very important.”
? Emily Shem-Tov: “Yes, I think there are probably various legal ways to recoup the money and perhaps the public outcry will convince some of the recipients to forgo their bonuses.”
? Steve Staloch: “I doubt it. Bonuses were contractually agreed to long before the bailout of AIG. The inexcusable rookie blunder the Obama administration made was not withholding some $30 billion yet to be paid to AIG when they became aware of the bonus boondoggle.”
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