The American International Group, which is commonly known as AIG, is giving its executives millions of dollars in new bonuses after receiving a taxpayer bailout of more than $170 billion in the month of March.
AIG declared earlier this month that it suffered a loss of $61.7 billion for the fourth quarter of last year, the largest corporate loss in history.
Instead of the United States Government allocating just enough money, they chose to disperse more than enough necessary to satisfy a specific financial deficit.
Treasury Secretary, Timothy Geithner, labeled the current bonus structure unacceptable in view of billions of dollars of taxpayer support that the company is receiving.
Taxpayers are employed American citizens that pay taxes to the federal government out of their earned income.
Taxpayers have recently become the nation’s cash cows. We have unintentionally become the reason behind recent corporate junkets and huge increases in top executive paychecks.
The group of executives receiving bonuses will receive half of the $9.6 million now, with the average payment being around $112,000.
This group will get another 25 percent on July 14 and the final percent on September 15.
AIG reportedly stated that they entered into the bonus agreements in early 2008 before getting into severe financial straits and being forced to obtain a government bailout.
Any employee in the United States should be subjected to arbitrary adjustments by the U.S. Treasury due to the legal restraints, which reduces criminal and corporate mischief and misconduct.
Mike King for the Editorial Board.