Banking, finance, and taxes
Financial Outrage Of The Week: AIG (AIG) To Pay $450 Million In Bonuses
Published:
Last Updated:
According to The Wall Street Journal, AIG (AIG) will pay $450 million in bonuses to people in the firm’s financial products group, where may of the insurance company’s losses originated.
The paper says that AIG has told that government that “outside counsel” had advised that the previously agreed to payments to employees at the financial products unit are “legal, binding obligations of AIG.”
Too bad the government can’t void those agreements. If it can, it should. The news will probably turn a number of members of Congress against approving more capital for saving American financial firms. That, in turn, will make the process of stabilizing the credit markets more difficult.
AIG has the chance to turn Congress, and the public, completely against salvaging the financial firms essential to the national economy all by itself.
Douglas A. McIntyre
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
