Sunday, 15 March 2009

AIG Still Living in Denial

The bonus outrage which we have experienced here in the UK - through RBS - is not a disease limited to Britain. Over in the United States, AIG have received well over $100 billion dollars in bailouts courtesy of the US taxpayer. Today we hear news of AIG paying out $450 million in bonuses. To add insult to injury, a large chunk of these bonuses will be awarded to the division which was largely responsible for the greatest losses in corporate history! This is an example of rewarding failure to the extreme.

Interestingly enough we are hearing the exact same line coming out of the American Treasury as to that which we had heard from our own Government in February. The US Officials are saying the payments are as a result of "contractual obligations" which they are legally bound to uphold. Sound familar??? I think the Americans have stolen a page out of Gordon Brown`s playbook here.

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