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Why did Sen.Cris Dodd write legislation for AiG people to be able to get bonus's?
Now that we know that Sen Chris Dodd inserted the legislation for those people at AiG to get those millions of dollars in bonuses at tax payer expense,what should be done by the irate tax payers of this country?,and are these people all in collusion or what on these massive bailouts?.
5 Answers
- Anonymous1 decade agoFavorite Answer
AIG was contractually obligated to pay those bonuses. Protective language was written into the legislation so that the government would not be asking a company to break its legal obligations (which would mean the company could sue the government for even more money).
Not saying I agree or disagree, that's just my understanding of the situation.
- 1 decade ago
Keep in mind that AIG is a huge company with many businesses. Its original and core business is property and casualty insurance. It was the largest P&C insurance company in the world, and its insurance business continues to make money. The people who work in the insurance segment of the company should not be penalized for the significant problems in the financial services arm of the company. However, since the entire company is virtually completely government-owned at this point, all bonuses should not be in excess of a nominal amount to be determined by the government, in my opinion. Incidentally, the majority of the personnel from the doomed financial services arm of the company are located in Connecticut. Yet, the employees at the insurance segment in New York are harassed by the general public on a daily basis and their bodily safety is threatened. I know of one elderly female secretary who had to have security escort her to her bus stop because she was in such fear. At this point, some employees of the insurance segment are receiving death threats, which can never be justified, despite the magnitude of the circumstances. The lynch mob mentality is based on the malfeasance of a particular segment, yet directed at employees of the entire company.
- lestermountLv 71 decade ago
Because he has always been as crooked as the day is long. Especially when he denied doing so and called for punishment to the people at AIG when he knew he had added this to the bill.
If you have listened to him for very long you know he is a snake oil salesman.
- Anonymous1 decade ago
There was a concern that not allowing the bonuses would invalidate current contracts and therefore, be illegal. Sorry not a very inflammatory answer, but it's the truth.
- Anonymous1 decade ago
Cause he was taking the easy way out to get the bill thru and hoped no one would notice, unfortunately he is now a known ***** of the system.