AIG's So Nice, They're Doing It Twice! Yes, It's Another Round Of Bonuses

It's nice to know that as Americans struggle with unemployment and lack of health insurance, at least one worthy group of lads are doing well!

American International Group is preparing to pay millions of dollars more in bonuses to several dozen top corporate executives after an earlier round of payments four months ago set off a national furor.

The troubled insurance giant has been pressing the federal government to bless the payments in hopes of shielding itself from renewed public outrage.

Uh, hon? We don't care if the Pope himself blesses you. We're not going to be happy about this. Nope.

The request puts the administration's new compensation czar on the spot by seeking his opinion about bonuses that were promised long before he took his post.

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AIG doesn't actually need the permission of Kenneth R. Feinberg, who President Obama appointed last month to oversee the compensation of top executives at seven firms that have received large federal bailouts. But officials at AIG, whose federal rescue package stands at $180 billion, have been reluctant to move forward without political cover from the government.

"Anytime we write a check to anybody" it is highly scrutinized, said an AIG official, who declined to speak on the record because the negotiations with Feinberg are ongoing. "We would want to feel comfortable that the government is comfortable with what we are doing."

I don't know about you, but I'm not feeling all that comfortable with this.

The payments coming due next week include $2.4 million in bonuses for about 40 high-ranking executives at AIG, according to administration documents from earlier this year. Though the actual sum may have changed since then, the payments are much smaller than those that caused the upheaval in March.

To those of us who are lucky enough that they're still employed, I'll bet they're thinking about that past ten years of one- and two-percent raises, wondering how to get on that magical merry-go-round. Dream on!

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