AIG Outrage

Nice try AIG. But do you really think you can get away with this? Last week CEO Edward Liddy,informed Treasury of Secretary Timothy Geithner that his company will pursue making bonus payments to the struggling company. Public outrage is circulating all over the Internet. This Sunday, Fed Chairman Ben Bernanke on CBS's 60 Minutes said he was "angered with AIG" and President Obama said today he will attempt to block executive bonuses.

Let's face it, AIG is acting like a spoiled rotten kid. Some people would call it internal looting. They've managed to make a complete mockery of the bailout plan by handing out hundreds of millions in employee bonuses. Add to that hundreds of billions to banks.

So what if they had prior contracts set in May 2008 before the bailout funds came. Since when in the world do companies reward complete failure and total destruction of a company? What does this say about top level management? AIG says that they needed to retain these employees because the instruments they trade are complex.

Retain is the key word here. Now why would you use the word retain in past tense if you setup up compensation packages in May BEFORE the bailout funding took place?

If these financial instruments are so complex, how can the American public have confidence that AIG itself knows what the hell they are doing? Surely they demonstrated already how to screwup and cause worldwide disaster in their own actions. Why would anyone want to retain incompetent people if they aren't breeding success?

Since September 2008, AIG has received 4 bailout packages totaling $170 billion of taxpayer TARP money. Why is the American public propping up your company again? What do we care if you sell products and services that surround the issue of risk? Acts of God and acts of man happen for a reason. With AIG, they can't even manage their own self inflicted disaster. So why should the American public even trust AIGs judgement, let alone credibility moving forward as they shuffle money from computer to computer making bets covering their losing ass?

This isn't a bailout of AIG, but a bailout by passing the buck to the major financial institutions who likely crushed them at their own faulty game. AIG has cut checks out to several major financial institutions recently totaling over $100 billion dollars.

• Goldman $13B
• Sociente generale $12B
• Deutsche bank $12B
• Merrill and Bank of America $12B
• UBS $5B
• Barclays $8.5B
• Citigroup $2B

For AIG to run to the American public asking for money to maintain your outrageous lifestyles and pompous egos is absolutely ridiculous. These people should be happy to even have a job after their miserable failure.

With the people of the United States owning 80% of your company in the form of convertible preferreds, why wouldn't we vote to have your company burn in flames. When you lose $62 billion dollars in 4th quarter 2008, the largest corporate loss in history, where in the world do you think you should reward your employees $1.2 billion for bad business?

• Financial services unit $450M
• Insurance unit $619M
• Executives $21M

I hear bottles breaking and "arr arr's" in the background. America should not reward miserable failures.