AIG Bonuses Nearly Four Times Larger Than Originally Disclosed
Remember how Congress and the White Houe decided to do nothing when it was told AIG was paying out $165 million in bonuses? Remember how we were told that wasn't a lot of money, while the White House was simultaneously telling us less money was a lot of money? Well, check out this little-noticed update from ABC News:
Inflation: AIG Bonuses Nearly Four Times Larger Than Thought
ABC News' Matthew Jaffe Reports: AIG, the recipient of approximately $180 billion in government bailout aid, paid out over $454 million in bonuses company-wide in 2008, according to documents that the company submitted to Congress.
The embattled insurance company, which ignited a heated controversy in March for dishing out $165 million in retention payments to employees in its troubled Financial Products division, revealed the bonuses in response to written questions from Rep. Elijah Cummings, D-Md.
The $454 million number is now the third different figure that AIG has disclosed for its 2008 bonuses, with each number far larger than the previous one.
Maybe Congress will do something now...nah, probably not. We'll probably be told that half a billion dollars isn't important.