Indeed there is such a thing called retention bonus. AIG just created 73 new millionaires by giving them retention bonuses. Isn't this time someone stand up and take some responsibility at AIG instead of slapping the society in its face?
According to Dow Jones newswirte "New York Attorney General Andrew Cuomo said Tuesday that American International Group Inc. (AIG) granted retention bonuses of $1 million or more to 73 people in its AIG Financial Products subsidiary, including 11 who no longer work at the company.
"In a letter to House Financial Services Committee Chairman Barney Frank on Tuesday, Cuomo said the top 10 bonus recipients combined received $42 million, with the top recipient getting more than $6.4 million."
These people receive the retention bonus money, our money, for what? Their performances in general has made to create this financial mess in which million of people in USA and hundreds of millions of people around the world suffer.
Unfortunately this is not all yet. Cuomo says 11 people who received those retention bonuses are not at AIG anymore, and one of them receive 4.6 million dollars. Now this is indeed outrageous.
How do you get a retention bonus if you are not working for the company anymore. I consider those retention bonuses immoral anyway in this economy, but even more when those people don't work for the company anymore. How can AIG bonus recipients be "no longer employed with AIG"? Has "retention bonus" taken on a new meaning?
Indeed, it has taken a new meaning. Here is how. Employees agreed to take 2009 salaries of $1 in exchange for receiving their retention bonus packages. It makes clever sense doesn't it?
While millions of people don't know how to pay their mortgages and how to feed their families and children these execs are thinking how to leave their lavish lives and take taxpayer money.
Retention bonus name was created to hide the word bonus. Actually it should be called retention award and not a bonus.
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
