AIG CEO Hank Greenberg on Bonuses
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Analysis:Former AIG CEO, Hank Greenberg talks about the compensation structure of the company during his ... (read more)
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Monday March 23rd 2009 10:33 PM
Tags:aig edward greenberg hank liddy
Categories:Analysis
Former AIG CEO, Hank Greenberg talks about the compensation structure of the company during his 38 years at the helm. After the recent scandal on Capitol Hill regarding the contractually obligated, taxpayer-funded bonuses paid to AIG employees, Greenberg claims that there were no contracts when he ran the insurance giant.
But wait a second. Watch the Believability Meter when Greenberg says "There were no contracts." The reading goes red off the charts. The interviewer then asks: "No contracts, no guaranteed bonuses?" Greenberg answers "No, never." The Believability Meter again thinks that claim is more than a little bit suspect. The bonuses paid to AIG employees may have been a scandalous waste of tax dollars, but if Congress has no intention of paying for quality employees at bailed out firms, how will we ever get back our money?










