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Tuesday, September 24, 2013

AIG CEO compares outrage over Wall St. bonuses to ‘lynching’ in Deep South

http://blogs.marketwatch.com/thetell/2013/09/24/aig-ceo-compares-outrage-over-wall-st-bonuses-to-lynching-in-deep-south/?mod=MW_story_latest_news

The uproar over bonuses “was intended to stir public anger, to get everybody out there with their pitch forks and their hangman nooses, and all that-sort of like what we did in the Deep South [decades ago]. And I think it was just as bad and just as wrong.”
The comments in the candid conversation with the colorful CEO was not part of the original story appearing in The Wall Street Journal on the weekend and appeared in a blog on Monday.
The CEO goes onto explaining that “less than 10” employees were behind the bad trades, on the campaign by government’s against partial bonuses to be paid to hundreds of employees in the troubled AIG financial-products unit that was unwound following the crisis and the bailout. Benmosche took over the firm in 2009, after the government poured in $182 billion into AIG bringing it back from the brink of collapsing.
In justifying the bonuses, Benmosche says there are villains and there are villains:

No Racist comment here nope nothing to see here move along.

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