- Yesterday AIG paid out $450 million in “retention bonuses” to executives in its Financial Services Group, the out-of-control derivatives trading arm that looted the company, destroyed its stock and contracted for huge bonuses even after they saw the risk of collapse.
- The $450 million was just a portion of the $1.2 billion AIG paid out in bonuses across the board within a company that lost $100 billion last year.
- Rep. Barney Frank, chairman of the House Financial Services Committee, wants to try and recover these bonuses.
- American taxpayers now own $80% of AIG after paying $173 billion to keep it afloat.
- Larry Summers says the government simply can’t break the contracts that AIG had with executives, even as the Treasury is forcing auto companies to break their labor contracts as a condition of receiving TARP funds.
- Meanwhile, 21% of Americans are struggling to pay for the health care, and going without treatments they need.
ENOUGH ABUSE OF TAXPAYER FUNDS!
Tell Congress—no more money for banks until they tell us where it has all gone.
Firedoglake be delivering comments personally to members of Congress this Wednesday, when Barney Frank’s Financial Services Committee holds an AIG hearing on Capitol Hill:
Please take a moment and sign their petition.