AIG Asks Obama to OK Bonuses
July 9, 2009 by Stephen Kersey
Filed under Business
American International Group Inc., commonly known as AIG, is once again ready to start handing out bonuses. The last time they handed out bonuses, it didn’t go over too well with the American public. In fact, it prompted everything from boycotts to protests.
Prior to handing out bonuses this time, AIG is going to ask permission from Obama’s administration. Specifically, AIG will run their bonuses plan by Kenneth Feinberg — the person in charge of corporate compensation for those companies that have received bailout funding.
Even though AIG isn’t required by law to ask for permission regarding these bonuses since they were earned prior to AIG receiving bailout funding, the company hopes that this show of good faith will end the public outrage before it begins.
In total, AIG has received more than $175 billion dollars in United States federal government bailout funding. In total, it’s estimated that AIG employees earned nearly $500 million in bonuses in 2008.
AIG Protests (Image: Flickr)
