AIG Bonuses: It’s The Forest, Not The Trees"
http://information-security-resources.com/2009/03/18/aig-bonuses-its-the-forest-not-the-trees/There is something rotten at AIG, and calling out those multiple flaws in the way the directors, officers, and managers ran the company can be used to negate those bonus payments. The fatal flaw(s) may be in the contract language and in the bonus plan, which, one would hope, set up some criteria for paying millions in shareholder money above and beyond base salary. We may find that the bonus contracts were so loosely written on a napkin that we have to dig deeper. If the bonus contracts are loosely written, it’s going to be on the company side. You can bet that the top-paid directors, officers, and managers of the company went trotting off to their executive compensation attorneys to lock up their side of the bargain. Also take a look at whether the company paid the legal fees for those exec comp advisors.
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Anthony M. Freed
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