AIG was already being investigated for their compensation "schemes." AIG is at the heart of the financial meltdown, and after having received $165 Billion for bailing them out, they have the affrontery to outrage every taxpayer in the US with rewarding the behavior that got AIG into this mess in the first place.
One of the arguments made by the NY Attorney General is that these payments may be "fraudulent conveyances" which is a fancy term for wrongly sucking the money out of a company before it goes out of business.
From the letter: Please also provide whatever contracts you now claim obligate you to make these payments. Moreover, you should immediately provide us with a list of who negotiated these contracts and who developed this retention plan so we can begin to investigate the circumstances surrounding these questionable bonus arrangements.
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[ 3.9 ms ] story [ 15.6 ms ] threadAIG was already being investigated for their compensation "schemes." AIG is at the heart of the financial meltdown, and after having received $165 Billion for bailing them out, they have the affrontery to outrage every taxpayer in the US with rewarding the behavior that got AIG into this mess in the first place.
One of the arguments made by the NY Attorney General is that these payments may be "fraudulent conveyances" which is a fancy term for wrongly sucking the money out of a company before it goes out of business.
From the letter: Please also provide whatever contracts you now claim obligate you to make these payments. Moreover, you should immediately provide us with a list of who negotiated these contracts and who developed this retention plan so we can begin to investigate the circumstances surrounding these questionable bonus arrangements.
http://news.bbc.co.uk/2/hi/business/7945774.stm