On Monday, March 16th, New York Time writer Andrew Ross Sorkin wrote an article entitled "The Case for Paying Out Bonuses at A.I.G."
"A.I.G. employees concocted complex derivatives that then wormed their way through the global financial system. If they leave — the buzz on Wall Street is that some have, and more are ready to — they might simply turn around and trade against A.I.G.’s book. Why not? They know how bad it is. They built it."
An attorney for some employees that received Government money was quoted as follows: "You have to read about yourself in the paper every day. These people are leaving as soon as they can."
Mr. Sorkin went on to write:
"Let them leave, you say. Where would they go, given the troubles in the financial industry? But the fact is, the real moneymakers in finance always have a place to go. You can bet that someone would scoop up the talent from A.I.G. and, quite possibly, put it to work — against taxpayers’ interests.
"The word on the street is that A.I.G. employees are being heavily recruited,"
As we all know, AIG spent $165 Million of the Bailout Bucks on an "Incentive Bonus & Employee Retention Plan" on 73 employees. One executive received a $6.5 Million Check on Friday.
There are times when I truly believe that "Mob Rule" (mob as in angry crowd) is appropriate. There is also nothing more satisfying then directing our anger into creative solutions for recovering part of the $185 Billion in taxpayer funds we have provided AIG so far.
So here is an opportunity to get creative and come up with solutions for getting the Bonus Funds back, along with any other Party Funds which AIG has abused. Read on and add your ideas to the discussion with your comments.
The NY Times reported today, that some of the AIG employees have threatened to take their insider knowledge of the books and use that knowledge to speculate against AIG unless they get to keep their money. I refuse to be held hostage and I'm guessing readers don't like it either.
Sandman's AIG "Incentive Plan" to recover our money in 72 hours or less.
Here is my suggestion:
The Government and all of us now own 80% of AIG. Like all majority owners we have the right to "call our paper". AIG employees should be provided with a Public Notice stating that they have 72 hours to return their bonus checks or the following action will be taken.
HR & Payroll files now belong to the taxpayers.
All names will be published and made publicly available. Yes, ALL names not just the ones who refuse to return their checks. This will provide extra pressure from other AIG employees.
All bonus recipients addresses will be made public. In the case of multiple addresses. Every know address will be made public. They are already a matter of public record in the form of deeds, tax records, etc.
All telephone numbers will be made public. Telecommunication companies will be required to provide any and all changes if employees attempt to hide.
Each employee address when published will be hyperlinked to Google Maps and turn by turn directions will be provided to the public.
Each employee's spouse's name will be made public along with their employers (assuming they work). Telephone numbers of the spouse's employer's will also be published.
The names of immediate adult family members names, addresses and phones will be published.
Any person listed as an Emergency Contact, Beneficiary or associated with the AIG employees will be made public.
The names of the neighbors of the AIG employees will be published.
Last but not least, anyone who reveals, discloses, and ultimately lets all the names out of the bag and is directly responsible for recovery of Taxpayer money will receive a TAX FREE $500K Reward and the Congressional Medal of Honor!
I can guarantee if the above information was made public, the money would be back in the government's hands with in 24 hours!!!
Ok, top that idea. Go wild with comments! In my opinion, the AIG employees who keep their bonus money, should have all privacy rights revoked by the Stock Owners -- The US Taxpayers!!!