Rightly so. When your company is dead and being propped up by taxpayer money, any extra cash to anyone is wrong.
Seven senior executives of American International Group, the insurer that is getting $152 billion of U.S. taxpayers' money, will not get $3 million in deferred compensation that they were expecting to be paid by April.
In a filing with the U.S. Securities and Exchange Commission, AIG said it would pay about $273.5 million to more than 4,000 current, non-senior employees who took part in the retirement plans that allowed funds to be set aside and drawn upon in later years.
AIG in November said it planned to accelerate payment of these funds in a bid to limit departures after the company posted $42.5 billion in losses over the past four quarters, putting it on the verge of collapse.
The federal government stepped in for a second time and restructured its bailout of AIG raising the package to $152 billion with easier terms.
