AIG Paying $450M To Keep Derivative Employees?... WTF
Tweet
Share
E-mail
Get Alerts AIG Hot Sheet
Join SI Premium – FREE
Bailed-out insurer American International Group, Inc. (NYSE: AIG) offered $450 million in retention pay for employees of the derivatives unit, which was responsible for about $34 billion in write-downs, according to a report from Bloomberg.
About 400 workers in the financial products unit are set to get the money in two instalments.
This will bring the money committed to retain employees at AIG to more than $1 billion, according to the report. AIG disclosed the existence of the unit's retention program in regulatory flings, including the quarterly report in August.
With the mood in Washington and Main Street being what it is, this is likely to raise a lot of eyebrows and outrage.
About 400 workers in the financial products unit are set to get the money in two instalments.
This will bring the money committed to retain employees at AIG to more than $1 billion, according to the report. AIG disclosed the existence of the unit's retention program in regulatory flings, including the quarterly report in August.
With the mood in Washington and Main Street being what it is, this is likely to raise a lot of eyebrows and outrage.
You May Also Be Interested In
- US Eyes 7.5% China Overcapacity Tariffs Before Xi-Trump Talks - Bloomberg
- Qiagen names Jonathan Pratt as CEO, replacing Thierry Bernard
- Holcim said to acquire part of James Hardie's EU business
Create E-mail Alert Related Categories
Insiders' Blog, Rumors, Trader TalkSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
