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 Evidently the public isn't dealing with its anger over American International Group Inc.'s (NYSE:AIG) compensation plans in a cool and calm manner, as the Connecticut offices of AIG Financial Products are besieged with threats by e-mail and telephone, while outside armed guards keep the wolves at bay. The exposure of three top earners from the division by the New York Post earlier likely has those staffers ignoring the ringing phone or staying with friends until things calm down. But with executives either quitting (soon as that bonus hit the direct deposit, of course) or afraid to show up for work, the question remains in regard to who is handling the day-to-day management of all those complicated derivatives -- you know, the ones that could result in the toppling the global economic system. An AIG FP employee tells a European newswire that: "It's going to blow up," said a senior Financial Products manager, who spoke on condition of anonymity because he was not authorized to speak for the company. "I have a horrible, horrible, horrible feeling that this is going to end badly."So while Congress and pundits might enjoy making AIG Financial Products the latest symbol of greedy crooks, we might all be better served by letting them try to dig out of the hole they put us all in. After all, if the worst fears about AIG blowing up are realized, we could find the country no longer learning what credit default swaps are, but instead learning how the barter system works. - George White See MINA story on AIG protesters See Dealscape post on AIG employee outed See Dealscape post about the real systemic risk of AIG FP
CategoriesComments
From: Erich Riesenberg,
The bonus issue should have been sorted out by a bankruptcy judge.
Posted on:
March 24, 2009 10:44 AM
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The Govt is proving once again it can't be trusted. Geithner and Senator Dodd approved the deal for the bonuses and not it is everyone for himself. AIG screwed up, but a contract is a contract. Now the Govt is showing its true colors. A final thought, just who is going to pay those increased Obama taxes when they get through wiping our Wall Street?