The Mudcat Café TM
Thread #119402   Message #2593096
Posted By: GUEST,heric
19-Mar-09 - 11:52 PM
Thread Name: BS: $100 million bonuses to AIG execs
Subject: RE: BS: $100 million bonuses to AIG execs
"A.I.G. itself revealed the bonus plan in regulatory filings last September.

In November, when the bailout of A.I.G. was restructured, Treasury and Fed officials negotiated the terms under which A.I.G. could make the retention payments. And in December, Democratic lawmakers sought a hearing about the payments. . . .

A.I.G. executives have insisted that they informed the New York Fed about the bonus plan, and that they assumed the New York Fed was informing the Treasury.

Treasury officials have suggested that the New York Fed and the Federal Reserve Board in Washington failed to alert the Treasury staff until March 5. . . . "

http://www.nytimes.com/2009/03/20/business/20bonus.html?hp

It's pretty clear that alerting Treasury earlier (taking at face value that they didn't) would not have mattered. Everything now is just political shit-storm control, assuaging the masses, unless those September disclosures weren't accurate.