This, unfortunately, needs serious fixing.
When executives at companies claim they are highly paid because there are good times, they need to be poorly paid when there are bad times.
Not so much.
American International Group Inc., the insurer whose bonuses and perks are under fire from U.S. lawmakers, offered cash awards to another 38 executives in a retention program with payments of as much as $4 million.
The incentives range from $92,500 to $4 million for employees earning salaries between $160,000 and $1 million, Chief Executive Officer Edward Liddy said in a letter dated Dec. 5 to Representative Elijah Cummings. The New York-based insurer had previously disclosed that 130 managers would get the awards and that one executive would get $3 million.
Taxpayers? You know, the ones saving this company’s ass:
AIG, which received a U.S. rescue package of more than $152 billion, has been criticized for saying it will eliminate bonuses for senior executives while still planning to hand out “cash awards” that double or triple the salaries of some managers.
The company would go bankrupt if it were not for taxpayers bailing them out. And then AIG management — the ones that got them into trouble in the first place — get retention bonuses.
Employees? Well, they just get laid off.
And Corporate management in America wonder why employees don’t believe half of what they are told. Tone deaf doesn’t even begin to describe the hypocrisy.
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