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sábado, 11 de abril de 2020

Bankers ought to resist champagne celebrations




"When these securities credit (default swaps on subprime mortgage) eventually failed and AIG realized it did not have enough money to back them up, the company was bailed out with $61.7 billion of taxpayers' money, the largest amount for any corporation in history. That, however, did not stop AIG paying out $454 million in initially undisclosed performance bonuses in 2009, over a third of which went to employees of the very division that brought the company to the brink of collapse. As the then New York attorney general Andrew Cuomo put it:"When the banks did well, their employees were paid well. When the banks did poorly, their employees were paid well."


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