After a meeting with Maryland Congressman Elijah Cummings, Robert Benmosche said that he had “unintentionally trivialized a horrible legacy of our country. That was the opposite of my intent.” But his new remarks are consistent with what he’s been saying about the AIG bonuses since he took over in 2009.
In a statement to BuzzFeed, AIG Chief Executive Robert Benmosche apologized for his comments comparing outrage over executive bonuses to “what we did in the Deep South” and saying that it was “just as bad and just as wrong.” Benmosche said he “never meant to offend anyone” and his comments were a “poor choice of words.”
Robert Benmosche, the CEO of bailed-out insurance giant AIG, told The Wall Street Journal that outrage over employee bonuses was “just as bad and just as wrong” as lynchings. Benmosche’s comments echo similar ones he made in 2009. (h/t: Ryan Chittum)
The federal court judge assigned to Hank Greenberg’s lawsuit against the government for harming AIG shareholders during its $182 billion bailout said that Bernanke could be deposed.
While shareholder activists were not able to get CEO Jamie Dimon to give up his chairmanship, they almost got David Cote and Emily Futter kicked off the board of directors. The bank announced today that they will be leaving on their own.
The Treasury Department has been trying to tell the public for years that its bank bailout program has been more financially successful than you think. Here are some charts showing they might be right.
Documents indicate that federal regulators ignored recommendations to force banks that did business with A.I.G. to accept losses on the deals.
Emails have been released showing that the Feds and Davis Polk & Wardwell LLP, who are bankruptcy attorneys, considered letting insurance giant AIG go bankrupt, even after they had received more than $100 billion in government payments.
A lovely street art tribute to AIG just in time for Easter. Don’t worry - I’m sure that guy is planning on sharing his Easter eggs with the unhappy children once he’s done celebrating.
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Today’s AIG populist outrage takes the form of a resignation letter published in the NYT. I have a hard time reading this as anything but opportunistic (and slightly slimy). I have a feeling I’ll be shouted down on that one.
You’ll never guess. Gerry Pasciucco (formerly of Morgan Stanley) currently heads AIG’s disgraced Financial Products division (yup, the one that caused all that trouble). I can’t decide whether this is humorously ironic or frighteningly deluded.
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Everyone is upset at AIG over these bonuses, but Senator Charles Grassley wins for his comment that AIG executives should commit suicide to prove that they are really, really sorry for what they did. We think he was joking.
President Obama is ordering Treasury Secretary Geithner to “pursue every single legal avenue” to prevent AIG from paying bonuses to its executives.
Obama says he intends to stop AIG from paying out millions in executive bonuses. Because he is a SOCIALIST.
Among the biggest recipients were Société Générale, Deutsche Bank and Goldman Sachs, all of which were owed money from credit default swaps. Some of them are foreigners!
This seems fair.
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It’s not just AIG who’s getting in on the lavish, taxpayer-funded corporate retreats. Ok, it’s mostly AIG. I am with Seth and Amy on this one.
The U.S. and global markets are reacting to the triple news of Lehman’s bankruptcy, Merrill Lynch’s sale to Bank of America and AIG’s request of a $40 billion bailout from the government. Someone’s got a bad case of the Mondays.
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