AIG attorneys apparently failed to consider the argument that contracts committing the company to pay bonuses exceeding $165 million might be invalid because the firm would be bankrupt were it not for a taxpayer bailout that's now approaching $182 billion.
In a rare display of bipartisanship, Democrats and Republicans denounced the insurance giant for paying retention bonuses to employees who created and sold the risky financial derivatives that prompted a government bailout.
The bonus payments, which came to light over the weekend, have provoked nationwide disbelief and touched off finger-pointing from the White House to Wall Street. New York Attorney General Andrew Cuomo disclosed on Tuesday that 73 present and former employees received at least $1 million each in bonuses.
In a rare display of bipartisanship, Democrats and Republicans denounced the insurance giant for paying retention bonuses to employees who created and sold the risky financial derivatives that prompted a government bailout.
The bonus payments, which came to light over the weekend, have provoked nationwide disbelief and touched off finger-pointing from the White House to Wall Street. New York Attorney General Andrew Cuomo disclosed on Tuesday that 73 present and former employees received at least $1 million each in bonuses.
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