Loan Modification

AIG wants donations back to pay bonuses

By Morgan

The sickening feeling in my stomach continues to worsen. AIG is looking to clawback a $490 million endowment and the $27 million in donations already made to charities to pay employee bonuses instead. The New York Post has the details on this underhanded, disgusting move by a company and board that has long been disgraced.

From the NY Post:

Insurance giant AIG is trying to seize a $490 million charitable endowment — and claw back $27 million it already awarded to New York charities — to pay executive bonuses, The Post has learned.

The endowment, called Starr International Foundation, is run by former AIG chairman Hank Greenberg, and has given millions to the Sept. 11 Memorial and Museum, Citymeals and other local groups.

My favorite part about this all? AIG is in court to get the money back of course - spending taxpayer dollars to take money out of the needy’s hands and put in to lining pockets of mostly overpaid hacks who can’t run a hot dog stand, let alone an insurance conglomerate.

When will the depravity end?

Full post as published by Blown Mortgage on June 01, 2009 (boomark / email).