AIG Workers who crippled company to get ‘unmerited’ $450m

Workers who crippled company to get ‘unmerited’ $450m

AIG is paying 400 workers at its New York-based financial products unit – the unit that brought about the company’s collapse - $450m (£316m) in bonuses, Bloomberg reports.

That is in addition to about $619m in retention pay going to top executives and employees at subsidiaries including life insurance.

AIG is said to have committed more than $1bn to employees to keep them from leaving the company.

Representative Elijah Cummings, a member of the House Committee on Oversight and Government Reform, in an e-mail: “I was extremely disappointed - but not surprised - to learn that AIG will be awarding bonuses to the very division that drove the company into the ground.”

Continue Reading this story HERE