Yeah, let's pay to keep those really smart investment guys that bankrupted AIG to begin with!
AIG Said to Pay $450 Million to Retain Swaps Staff (Update1)
Jan. 27 (Bloomberg) -- American International Group Inc., the insurer saved from collapse by government money after losses on credit-default swaps, offered about $450 million in retention pay to employees of the unit that sold the derivatives, according to two people familiar with the situation.
About 400 workers at the financial products unit may get the money in two installments, said the people, who declined to be named because details of the payments were confidential. The business was responsible for about $34 billion in writedowns since 2007 as the market value of swaps AIG sold to banks plunged amid the subprime mortgage market collapse.
http://www.bloomberg.com/apps/news?pid=20601087&sid=avGnUgGMu1q4&refer=home
AIG Said to Pay $450 Million to Retain Swaps Staff (Update1)
Jan. 27 (Bloomberg) -- American International Group Inc., the insurer saved from collapse by government money after losses on credit-default swaps, offered about $450 million in retention pay to employees of the unit that sold the derivatives, according to two people familiar with the situation.
About 400 workers at the financial products unit may get the money in two installments, said the people, who declined to be named because details of the payments were confidential. The business was responsible for about $34 billion in writedowns since 2007 as the market value of swaps AIG sold to banks plunged amid the subprime mortgage market collapse.
http://www.bloomberg.com/apps/news?pid=20601087&sid=avGnUgGMu1q4&refer=home
