Fool Me Once …
Dec. 2 (Bloomberg) — American International Group Inc., the insurer rescued from failure by the U.S., should name executives getting “retention” payments and explain why the awards are needed, said Representative Elijah Cummings.
AIG, which said in a September filing that 130 managers will get “cash awards” to stay through 2009, isn’t providing enough information, said Cummings, a Maryland Democrat on the House Committee on Oversight and Government Reform, in a letter to AIG dated yesterday.
And if you don’t think they’re going to steal it all, get a load of this:
US Treasury Secretary Henry Paulson is mulling whether to ask Congress for the next part of a controversial 700-billion-dollar financial bailout package, the Wall Street Journal reported Wednesday.
The request for 350 billion dollars comes against a background of criticism over how the funds have been managed so far, the paper wrote.
It noted that a congressional watchdog issued a critical report on Tuesday that said the Treasury’s rescue program lacked transparency and needed stricter internal controls.
If Paulson were to request the next installment, he likely would do so next week, the paper said on its website. And if market conditions deteriorate further, he would do so despite disagreements with lawmakers about how to use the funds.
Yes sports fans, Hank Paulson is going to pass the rest of the money out to his friends for bonuses, dividends, and weekend getaways. Believe it.