AIG to get last word?
AIG gets bailout,
gives 165 million in bonuses,
there is a public outcry,
government intervenes to get bonus money back,
then AIG sues government for past overtaxing and seeks compensation.
Democrats and Republicans make an about face …
This week, Republican leaders have leapt to join the populist outcry against the bonuses that ailing insurance giant AIG has awarded its executives. But such rants against executive earnings mark a remarkable about-face for the right flank of the party, which condemned President Obama’s decision to set limits on executive pay just last month. –source–
A.I.G. Sues U.S. for Return of $306 Million in Tax Payments, Some Involving Tax Deals in Offshore Havens – Uses Taxpayer Money to Pursue the Lawsuit
A.I.G. is effectively suing its majority owner, the government, which has an 80 percent stake …. The company is in effect asking for even more money, in the form of tax refunds. The suit also suggests that A.I.G. is spending taxpayer money to pursue its case….
Banksters at AIG? Say without bonuses they will lose employees… But there are contradictions
The two executives, who spoke on the condition of anonymity, said they were particularly concerned that the loss of experienced employees would reduce the company’s ability to secure the best prices in negotiations with other financial firms.
“We’re unwinding all of our businesses. We’re going out of business, and all of our counterparties know that,” one executive said. –source–
Guess only the insiders know the real story
February 3, 2009
Hank Greenberg will finally get his day in court.
The founder and former chairman of American International Group is set to duke it out March 2 with the federally rescued insurer over who owns an offshore account that AIG‘s current bosses want to use to pay executive bonuses.
AIG wants to seize Starr International Co., an independent Bermuda company that owns a huge stake of AIG shares once valued at $20 billion but now worth only about $300 million due to AIG’s flagging stock price.
“AIG’s goal in this case is to recover assets that were misappropriated by [Starr], the entity that Mr. Greenberg now controls,” AIG said in a statement.
Starr International is owned by Greenberg, who had built his offshore stock horde for years as a piggy bank to reward AIG employees with deferred compensation and shares.