A better title - Taxpayers paying $1.1 billion to retain LOSERS!
I just came across this Market Watch piece titled "AIG says it\'s paying $1.1 billion to retain key employees"
Beneath the headline...
Government-owned insurer estimates plan already has cost $824 million
Thats right taxpayers own the major percentage of AIG (80%). This has nothing to do with capitalism they are sucking off the government teat! Your grandchildren are becoming enslaved to pay off the Residents favored welfare queen Bankers!
In addition to the $1.1 billion WE will be forced to pay for these losers who helped destroy our Economy there is also this from the WSJ...
Wall Street banks and lawyers could collect nearly $1 billion in fees from the Federal Reserve Bank of New York and American International Group Inc. to help manage and break apart the insurer, according to a Wall Street Journal analysis.
That would represent one of Wall Street’s biggest paydays — four times the fees paid to break up AT&T Corp. in 1996, and nearly double those paid for Visa USA’s 2008 initial public offering, the largest U.S. IPO ever.
http://online.wsj.com/article/SB124951576916509361.html
So $1.1 Billion + $1 Billion + $180 Billion (Bailout)=$182.1 Billion and that is not counting the interest! I suggest to you a better title - Taxpayers paying $1.1 Billion to Retain Losers!
Sources..
http://www.marketwatch.com/story/aig-says-its-paying-11b-to-retain-key-staff-2009-08-07
http://online.wsj.com/article/SB124951576916509361.html
http://money.cnn.com/2009/08/06/news/companies/aig.runup.fortune/index.htm?postversion=2009080613
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