The financial industry really makes me sick. These crappy companies keeping getting bailed out and they have the audacity to issue bonuses to executives who helped tank the company. Why are they being rewarded for poor performance?
NY Times report, the American International Group, which has received more than $170 billion in taxpayer bailout money from the Treasury and Federal Reserve, plans to pay about $165 million in bonuses by Sunday to 400 executives in the same business unit that brought the company to the brink of collapse last year. Are they serious?
The bonus plan covers 400 employees, and the bonuses range from as little as $1,000 to as much as $6.5 million. Seven executives at the financial products unit were entitled to receive more than $3 million in bonuses. Including the December and March disbursements, the average payment comes to about $550,000.
So much greed and corruption. Is AIG really worth saving? It seems like our government is flushing taxpayers money down the toilet. Lets hope Obama puts a stop to this continued waste.