My fave part of article?
“The public will perceive this very poorly,” said Frank Glassner, chief executive officer of pay consulting firm Veritas LLC.
Maybe this is an overall understatement for our times.
American International Group Inc., the insurer criticized by Congress for handing out retention bonuses after its U.S. bailout, said the awards will cost the company $249 million in the last two quarters of this year.
The earmark includes $93 million for the division with AIG’s Financial Products, the unit that sold derivatives blamed for the firm’s near-collapse last year, the company said today in a regulatory filing. AIG said the entire retention program will cost $1.09 billion, including $824 million already incurred through June 30 and $19 million for 2010 and 2011 combined.
Friday, August 7, 2009
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