As bailout mania continues to take on a life of its own and morph into something completely unmanageable, AIG continues to sock it to the American public with yet another dubious business decision.
With absolutely bumbling business decisions, suspect accounting practices, and baffling spending sprees, AIG once again has shown what they’re really made of.
Now, in an effort to keep the top talent, AIG is spending $503 million in deferred compensation to some of its top employees, using of course-our money. AIG says that they need to spend this money in order to keep the “top talent” from leaving. What top talent? The ones who made the horrible investment decisions? The ones who took taxpayer money and partied away? The ones who are being investigated (I use that term loosely) for cooking the books? Is that where my money is going? Man, I wish I sucked. I’d be rich.
Now I hear the auto industry execs who just gave themselves a raise Lear-jetted their way to Washington to get their piece of our pie. Congress played the indignant card, but I suspect they’ll be taking another chunk out of our ass shortly.