American International Group Inc., whose bonuses are under fire from U.S. lawmakers, offered cash awards to an additional 38 executives in a 'Retention Program' with payments of as much as $4 million. The incentives range from $92,500 to $4 million for employees earning salaries between $160,000 and $1 million, Chief Executive Officer Edward Liddy explained in a letter to Representative Elijah Cummings.
The New York-based insurer had disclosed that 130 managers would get the awards and that one executive would get $3 million. AIG, which received a U.S. rescue package of more than $152 billion, has been criticized for saying it will eliminate bonuses for senior executives while still planning to hand out “cash awards” that double or triple the salaries of some managers.
The payments, designed to keep top employees at AIG, will hence forth be called Retention money.
Changing the wording has become an art form today.
Wednesday, December 10, 2008
Subscribe to:
Post Comments (Atom)
15 comments:
And just where do these fucks think they will be looking for work if they leave?
Ahem... there is glut in the market of good talent... they have no terms to bargain with.
That's what I was going to say, SoS.
I sure would like to be retained.
Ya, a retention program is designed to keep good talent when there is a shortage of talent in the market and when corporations are in bidding wars for employees. This is not currently happening. There are no bidding wars. Millions of people are out of work - and when they go back they are taking pay and benefit cuts.
These bastards must really think that we are stoopid.
Dumb asses.
These bastards must really think that we are stoopid.
When you're super rich, you don't really have to care whether the little people are stoopid or not. If you don't clean their gold toilets properly, they'll find another janitor. Simple as that.
Disclaimer: Retention Program does not apply to union workers of the auto industry.
Wonder how much of that 15 billion the auto industry is to receive will go for 'Retention' of top executives.
Why would they want to retain the people that drove the company into the ground, I wonder?
Iamcoyote, that is exactly what I was pondering. Hmmm, you bankrupt a company and then you get a big fat 'Retention" check and retain your position within the company. Up is down, right is wrong, left is right, etc.
The Government deal should have included a clause that said all those in positions of power within said company must submit their resignations immediately prior to receiving bailout money.
I think they tried that, and the companies said "no deal." Which shows they'd rather watch the economy crash and burn than deal with oversight. Priorities, baby.
Oh, I didn't realize that when you bankrupt a company and ask the American people to bail your ass out, you have 'power of negotiation.'
Sadly, the very rich have a whole different set of rules than the rest of us.
The government should never have started bailing out these companies. Let those rich CEOs go to work at Wal-Mart. No more bailouts!
I agree, Thuy Lam.
Say, just wondering. Back in the 90's I was taking graduate econometrics courses at a major Midwestern university while completing a degree. There was a Thuy Lam who was fairly knowledgeable about financial markets and dabbled in stocks market a bit. As I remember, you got hit pretty hard in tech stocks. The picture you post is different than what I remember, but would that be you? If so, by your thinking, when does the market correct?
I thought Thuy Lam was a famous Vietnamese pop singer. The photo looks like her!
Hey phid, I thought it was muckdog as well... pretty funny!
I thought it was petey, only because I see him as a little girl, and the picture fits.
Of course, it could be someone who just likes Vietnamese pop stars.
Of course, it could be someone who just likes Vietnamese pop stars.
Muck!!
Post a Comment