AIG Bonuses: Over $100 Million Paid Out Today
AIG bonuses will be paid out to execs, to the tune of $100 million. This from a financial organization which took $183 billion in bailout money. These are actually smaller bonuses than executives had accepted upon hiring, but are delivered earlier than originally agreed. The same employees got $168 million in bonuses last March.
Most AIG employees accepted a 10% reduction in bonuses (which are legally binding upon agreement) in exchange for early payment.
The payout is part of a previously known $195 million award that was due to employees of the AIG Financial Products unit.
"This lets us, as a business, pivot away from this issue," said one Financial Products employee, who spoke on the condition of anonymity because he was not authorized to speak on the record.