AIG chief urges staff to return bonuses

Edward Liddy, chief executive of AIG, on Wednesday tried to soothe anger against the bailed-out insurance group by urging employees to give back the $165m in bonuses that have sparked a political firestorm.

He told legislators he had asked employees of AIG Financial Products – the arm that brought the group to the brink of collapse – to “step up and do the right thing”. The concession came as President Barack Obama defended Timothy Geithner, Treasury secretary, amid criticism of the administration’s handling of the controversy. Continue reading “AIG chief urges staff to return bonuses”

AIG CEO says employees starting to return bonuses

WASHINGTON – Under intense pressure from the Obama administration and Congress, the head of bailed-out insurance giant AIG declared Wednesday that some of the firm’s executives have begun returning all or part of bonuses totaling $165 million. Edward Liddy offered no details, and lawmakers were in no mood to wait. He was still fielding their questions when House Democratic leaders announced plans for a vote Thursday on legislation to tax away 90 percent of the extra pay for executives at AIG and many other bailed-out firms. Continue reading “AIG CEO says employees starting to return bonuses”

Letter From AIG Chairman Ed Liddy to Timothy Geithner: We Have To Pay $100 Million Bonuses

FDL has obtained a copy of the letter from AIG Chairman Ed Liddy’s letter to Timothy Geithner justifying the payment of $100 million in bonuses to their Financial Products Group (PDF), and a white paper explaining the legal justification for it (AIGFP Employee Retention Plan — PDF). The Financial Products Group, remember, was the London office run by Joseph Cassano that was doing all the derivatives trading that tanked AIG. Continue reading “Letter From AIG Chairman Ed Liddy to Timothy Geithner: We Have To Pay $100 Million Bonuses”

Safety in Recession

Hi, everyone. I am Henry Taylor. I am very glad to share my money story with you in this hard time.

I was a middle school teacher. I liked my job, but I had been in debt during all my earlier teacher life. Then I began to look for business opportunities in my spare time. I didn’t have much time to do an other full-time job and didn’t have much money to invest in stocks or securities, neither. Internet became very common and it was very convenient for me to browse at home. Continue reading “Safety in Recession”