It’s like the captain of the Exxon Valdez giving himself a raise because, well, he could have hit a bigger rock.
American International Group is preparing to pay millions of dollars more in bonuses to several dozen top corporate executives after an earlier round of payments four months ago set off a national furor.
The troubled insurance giant has been pressing the federal government to bless the payments in hopes of shielding itself from renewed public outrage.
Addendum, Later that Same Morning:
In related news, Citigroup, which knows something about worthlessness, says
“Our valuation includes a 70 percent chance that the equity at AIG is zero,” said Joshua Shanker, an analyst at Citigroup, in a note to investors late yesterday cutting his price target on the New York-based insurer by more than half.
“Zero equity” = Worthless. That’s truly bonus-worthy.