Home News Weather Finance Travel Maps Movies Lottery Horoscopes Games
 SECTION: HIGH-PRIORITY BUSINESS NEWS
Search The Web:
DOMAIN NAMES
AS LOW AS $2.99 / YR.
AIG Expected To Pay Reduced Bonuses
Tuesday, 02-Feb-2010 11:14PM United Press International
USTINET NEWS

 » Front Page

 » Top Stories

 » U.S.

 » World

 » Politics

 » Business

    Front Page

    Industires

    Labor & Unions

    World Econmony

 » Sports

 » Health

 » Tech/Science

 » Living/Entertainment

 » Off Beat Stories

 » News Photos

 » Weather


Special Editions

 » Iraq & Conflict

 » Israel/Palestine

 » Crimes & Laws


MultiMedia

 » Interactive Features

 » News Photos


POLL: Your Opinion

 » What Do You Think




NEW YORK, Feb. 2 (UPI) -- American International Group plans to pay $100 million in bonuses this week to employees in its Financial Products division, sources said Tuesday.

SAVE MONEY ON TRAVEL DEALS

Financial Products was the branch of the insurance giant that came close to destroying AIG by investments in derivatives. Citing people close to the situation, The Washington Post reported employees who agreed to receive less compensation than their contracts call for are getting their bonuses a month early on Wednesday.

Almost all Financial Products employees, 97 percent, agreed to a 10 percent cut in bonuses in exchange for early payment, the Post said. Former employees were asked to give up 20 percent, and only 35 percent have agreed, one source said.

Last March, news that AIG was paying $168 million in bonuses after receiving billions of dollars in bailout money from the federal government caused widespread outrage.

"This lets us, as a business, pivot away from this issue", one Financial Products employee said. "Current employees stepped up. They want to continue to do their business. They obviously want to get beyond this."

- - - - - - - - - - - - - - - - - - - -
Related News Topics:

High-priority business news
The insurance industry
Layoffs, hiring and employment statistics
News covering industry
News of other industries
Social issues
Layoffs, hiring, labor and union news

 BREAKING STORIES

Octomom and kids could face eviction

Crude oil, gasoline, heating oil fall

Canada's first newspaper recycler closes

IMF head calls for European bank plan

Shell, Nexen announce joint oil discovery

Stereotype of frequent ER visitor untrue

Safety net hospitals say reform essential

Junk food to be tossed out of U.S. schools

Oil prices ignore OPEC news

Grain futures mixed as dollar makes gains

U.S. firm guilty in oil-for-food fraud

Police: Ex-worker disabled cars via Web

Chickens found wandering Pittsburgh campus

Money laundering to cost Wachovia $160M

Pine beetles threaten N. American forestry

Man crashes while trying to elude IRS

U.S. mortgage interest rates up slightly

Bulgaria bans genetically modified crops

Va. to challenge reform constitutionality

Ex-vegan target of 'pie assault'

Home News Weather Finance Travel Maps Movies Lottery Horoscopes Games
Home :: My Page :: My WebMail :: My Calendar :: My Portfolio :: Chat :: Help Center :: Sign In :: Sign Out

MY.USTI.NET PORTAL  -  © 1996 - 2004 USTINET CORPORATION. ALL RIGHTS RESERVED.
Please see our Privacy Policy, Security Guarantee, Terms of Use for additional information.