Two of the nation’s largest unions launched TakeBackTheEconomy.org today, fighting back against AIG’s decision to go ahead and award $165 million dollars in bonuses to executives, some of whom work in AIG’s financial products division–the division responsible for undermining the American economy.
TakeBackTheEconomy.org will help Americans organize demonstrations at the offices of major banks and other corporations on March 19th to call for corporate accountability. The group is already up with a video about corporate excesses on Wall Street.
Check it out below:
President Obama today called AIG’s decision to continue and reward the decision an "outrage."
Under these circumstances, it’s hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay. I mean, how do they justify this outrage to the taxpayers who are keeping the company afloat?
Complicating the AIG situation is this weekend’s revelation that it used taxpayer money to pay off foreign investors:
The disclosure, which the company said was made after consulting the Federal Reserve, revealed that AIG paid more than $75 billion in the final months of 2008 to numerous domestic and foreign banks, as well as to various U.S. municipalities.