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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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From: Paul Kern	1/27/2009 3:39:43 PM
	2 Recommendations Read Replies (2) of 110194

AIG Offered $450M To Retain Derivatives Staff-Bloomberg Last update: 1/27/2009 3:35:45 PM DOW JONES NEWSWIRES American International Group Inc. (AIG) offered $450 million in retention pay to staff in its derivatives unit, which has been responsible for more than $30 billion in writedowns since 2007, Bloomberg News reported Tuesday, citing two sources with knowledge of the situation. The retention package may be paid in two parts to about 400 employees, the sources said. The insurer disclosed the retention program in filings as recently as August, before it received more than $150 billion in federal bailout funds. "We adopted and disclosed this contractual retention program months before the government provided support to AIG," Christina Pretto, an AIG spokeswoman, told Bloomberg. Full story at bloomberg.com -Dow Jones Newswires; 201-938-5500 (END) Dow Jones Newswires January 27, 2009 15:35 ET (20:35 GMT)

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