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Politics : Just the Facts, Ma'am: A Compendium of Liberal Fiction -- Ignore unavailable to you. Want to Upgrade?

To: Oeconomicus who wrote (70556)	3/26/2009 3:06:42 PM
From: Arthur Radley	Read Replies (1) \| Respond to of 90947

As the thread header implies and but doesn't deliver(Just the facts, Ma'am")......too bad the WSJ reporter doesn't mind lying to you about these guys 'not' getting huge 'bonus' pay outs. ++++++++++++++++++++++++++++++++++++++++++++++++++ $1m bonuses paid to AIG's Mayfair toxic debts team Robert Lea Bankers at AIG's disgraced Mayfair operations - dubbed the Ground Zero of the financial crisis - are receiving $1 million bonuses. That is despite the AIG Financial Products division losing $40.5 billion (£28.6 billion) last year, triggering the collapse of the insurer and a subsequent bailout by the American taxpayer. Documentation forced into the open by the US Congress reveals that at least seven executives are picking up more than $3 million at the division of what was once the world's biggest insurance company. AIG, which has received $150 billion from the US government since September last year, is making payments of $450 million to 400 staffers. Those payments are going to employees in AIG Financial Products, the part of the insurer that crippled the company by making huge losses on the toxic derivatives that have brought the world financial system to its knees. Rather than calling the payouts bonuses, the insurer - which posted a record fourth-quarter loss of $61.7 billion on 2 March - is labelling them "retention" payments. In London, AIG Financial Products worked in the heart of the Mayfair hedge-fund industry, sharing an impressive building with GLG Partners, London's biggest independent hedge-fund manager. AIG's Mayfair office specialised in trading derivatives known as credit default swaps, the insurance that lenders take out to make sure their debts do not go bad, but the market imploded in the credit crunch, leaving AIG with liabilities of tens of billions of dollars.