That’s right. Not $121 million. Not even $165 million. $1.2 BILLION, in bonuses and retention payments, a big chunk of it to the very idiots in their Financial Products unit who drove the company into its $175+ billion hole.
$121.5 million in incentive bonuses for 2008 (6400 employees)
$450 million bonuses to Financial Product units employees (? employess, but said to be “executives”)
$600 million in retention bonuses (4,000 employees)
TOTAL: $1.2 billion
And of course, the CEO neglected to notify anyone until Saturday that this was going to happen Sunday.
How about PINK SLIPS, you jackasses? And I not at all respectfully suggest the first one should go to CEO Edward Liddy.
Phone calls to 1-877-244-2210.
And spread around that contact info. It’s not about politics. It’s about survival. Ours.