Edward Liddy, the new CEO of AIG since September 2008, is full of you know what. He just old Treasury Secretary, Timothy Geithner, that because of contract obligations he has to pay some of these bonuses today! Mr. Geithner told Liddy that the bonuses were inappropriate due to the bailout and the economy in general. That certainly is an understatement if I ever heard of one. Does it sound like he is working for the United States taxpayer?
Liddy is quoted as saying that “AIG will have trouble attracting and retaining the best and the brightest…if employees believe that their compensation is subject to continued and arbitrary adjustment by the U.S. Treasury."
Now, Mr. Liddy…AIG posted the highest loss in U.S. history for the 4th quarter of 2008--$61.7 billion and the taxpayers now own 80% of this corporation, the worst performer of all. The total loss for the year was $99 billion. They got a $150 to $170 billion loan last year and the bailout continues.
Now tell me, Mr. Liddy, why should any employee of AIG get a bonus? You get a bonus for excellent performance over and above the job description and if the company is profitable. Actually, everyone should be fired, starting at the top.
