Oh no! What will AIG ever do to recover from losing the team that drove them into the ground? And how will they ever find new applicants in this market? We're all doomed.
A handful of senior executives working within American International Group Inc's controversial financial products unit have resigned, said a company spokeswoman late on Monday.
The division is at the heart of the financial problems that brought AIG (AIG, Fortune 500) to the brink of bankruptcy last September, saved only by a taxpayer bailout that has now swelled to as much as $180 billion.
The spokeswoman declined to specify the exact number of resignations, noting they were expected to be "manageable," and said there were indications that more will follow.
The resignations come after $165 million in bonuses paid to employees of this AIG division on March 15 ignited fury across America, with taxpayers questioning why they were footing the bill for individual retention bonuses of up to $6.4 million.
Under pressure from Capitol Hill, AIG Chief Executive Edward Liddy last week asked many recipients to return at least half the value of the awards. Many have also been asked to take sharp cuts in compensation for 2009.
