The outrageous news of the day — AIG defends bonuses. The better news is that the New York Attorney General is issuing subpoenas to get to the heart of the matter.
I frankly believe every person at every firm that has swindled the American public, whether through greed or incompetence — or even guilt through association — must be held accountable.
New York Attorney General Andrew Cuomo issued subponeas
On Thursday, Cuomo did not comment on the subpoena, but he said in a statement according to Reuters that “CDS contracts were at the heart of AIG’s meltdown. The question is whether the contracts are being wound down properly and efficiently or whether they have become a vehicle for funneling billions in taxpayers dollars to capitalize banks all over the world.” Reuters, subpeonas
As for the AIG executive who defended the bonuses, I’ll watch my tongue. Reuters reported, “An executive at American International Group Inc defended the insurer’s controversial $165 million in bonuses, saying the recipients did not create the problems that led to a government bailout and several had resigned following threats.” Reuters, exec
But according to a report on the New England News Blog by Bob Whitcomb, in Connecticut some of the AIG execs are not complying. Cushy lifestyle. Cushy jobs. The gig is up as they say. Bob’s Blog
Copyright 2009 Rita Watson
NOTE, we are in the process of changing over to a new blog and please be patient. Many thanks/ RitaE