Among the details in today’s report from Neil Barofsky, the special inspector general overseeing the government’s bailout, which is currently being discussed by the House Committee on Oversight and Government Reform, is the news that among those AIG employees who received contentious “retention bonuses” from the insurer this past March was a kitchen assistant, who was given a payout of $7,700, according to the FT. Yikes. This is obviously unacceptable, since among other things there’s no way anyone can argue that this is how pay is traditionally structured for kitchen assistants. But we kind of feel bad for the guy, who probably actually isn’t paid that well in general and now not only has to deal with Special Master Kenneth Feinberg coming after his windfall, but will now become a symbol of what Representative Edolphus Towns this morning called “the era of instant gratification” at AIG. Fingers crossed that Robert Benmosche will go to bat for him by breaking down in front of Congress why, exactly, this guy’s radish roses were an important and necessary contribution to the company.
Kitchen worker among AIG staff who received ‘retention bonuses’ [FT]
Showdown Looms Over AIG Bonuses [WSJ]
