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APRIL 2009: Activist investors WANT to block the re-election of American International Group Inc director James Orr, chairman of the insurer's board's compensation committee, the Wall Street Journal said. Orr failed to oversee $165 million in retention bonuses approved in early 2008 BUT ALLOWED bonuses to employees in AIG's Financial Products unit after the insurer had accepted up to $180 billion in government aid, sparking outrage.The U.S. government appointed the three trustees after taking a stake in the insurer last year, and in early March the voting rights for the nearly 80 percent stake was transferred to them.

MARCH 2009: AIG is contractually obligated to pay aprox $165 million of previously awarded "retention pay" to employees by Sunday, March 15. Another $55 million in retention pay has already been distributed to about 400 AIG Financial Products employees.American International Group is giving its executives millions of dollars in new bonuses even though it received a taxpayer bailout of more than $170 billion dollars. AIG declared earlier this month that it had suffered a loss of $61.7 billion for the fourth quarter of last year, the largest corporate loss in history.I wonder why Liddy never said this when he asked for funding & why nothing was done to stop this mess. AIG should have gone bankrupt.??

73 separate company employees received bonus cheques of US$1 million or more at the weekend. Eleven of the employees no longer work for the company. The largest bonus was US$6.4 million and seven other people received more than US$4 million each.House Democratic leaders announced plans for a vote Thursday on legislation to tax away 90 per cent of bonuses paid to top-earning employees at AIG and other companies receiving big government bailouts. New York Democrat Charles Rangel, who chairs the tax-writing House Ways and Means Committee, said Wednesday the tax would hit employees making more than $250,000 a year.Liddy the CEO for AIG refuses to name the execs:

Liddy said he must pay bonuses??? Source CBS news:

http://www.cbc.ca/money/story/2009/03/18/aig-tax-back.html?ref=rss

WHAT A JOKE???? & THANKS TO PAULSON & BUSH for not vetting this payout properly.

The government moved to increase aid to AIG to a total of 150 billion dollars as the troubled insurer announced 24.5 billion dollars in net losses in this latest quarter. Struggling insurance giant AIG will be receiving even more bailout money from the US government. The government is now expected to provide about $27 billion more than originally planned.The Treasury Department will also pay $40 billion for an additional 2 percent stake in the company.Now isn't this silly when the same guys are running the show and this could lead to more losses.

American International Group Inc. is expected to report third-quarter loss of 90 cents a share, according to analysts surveyed by Thomson Reuters. Leading industry analysts have said that turmoil in equity and credit markets has been hampering AIG's efforts to sell some of its businesses, a crucial part of the insurer's plan to repay billions of dollars in expensive government loans. Rival insurers that may be considering bidding for AIG businesses are now facing their own problems as slumping stock prices and wider credit spreads cut into capital. That's slowing what investors hoped would be fast asset sales by AIG, possibly preventing the insurer from quickly repaying the Federal Reserve's loan so they will have problems and so will the Fed.

But guess what theyve been doing with money they already got and with no game plan how to use it. Will AIG request more funding by Mar 2009? The USA Govt made the crazy decision of helping AIG when there was no plan on how to use this money. The 85 billion was to assist AIG to protect millions of people with retirements, investments and insurance tied to AIG who otherwise were "going to have their lives destroyed because of the greed and excess and corruption." Well they have decided otherwise and like any of the bailouts they are just a sham that the American people will have to poay for. All they are doing is propping up the execs of the companies and noone else.

But guess what has happened practically nothing & what about the accounting and where this money will be spent. Bet your life the execs will have a handout so read on. After the bailout of AIG last month, the United States government effectively bought an 80% share in the company. That should have caused a fundamental change, you would think, in how the company was spending funds on compensation, bonuses and benefits. But it doesn't look like that's what happened.

Less than a week after getting the $85 billion commitment, AIG execs went on a week-long retreat at the luxurious St. Regis Resort in Monarch Beach, Calif. The trip cost AIG almost half a million dollars, including $200,000 for rooms, $150,000 for meals and $23,000 in spa charges. The tab also included $25,000 in "leisure dining. American International Group (AIG) also continues to pay $1 million a month to an executive at the center of the company's failure, Waxman, the chairman of the House Oversight and Government Reform Committee, said.

"Their executives are walking away with millions of dollars while taxpayers are stuck with billions of dollars in costs," the lawmaker added. Waxman said his staff reviewed thousands of pages of documents for Tuesday’s hearing on AIG, which is the second of at least five hearings to be held as part of an investigation into corporate misdeeds amid the credit meltdown. The site of the AIG retreat was the St. Regis Resort in Monarch Beach, where rooms cost more than $1,000 a night.  Rep. Elijah Cummings (D-Md.) went through the company’s bills at the hearing.

"They were getting manicure, pedicures, facials," Cummings said. "They spent $25,000 on 'leisure dining.' I don't know what that is." "That's bars," explained Rep. Jackie Speier (D-Calif.) The Wall Street mentality has not changed.

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Its wake up time America. These bailouts are not helping the American people just Companies who have reaped millions in rewards and done nothing to change their strategies over the years. None of them deserve bailouts and the US government cannot run these joints??? so the underlying question is how much of thise bail out money will be spent on themselves---- most of it so watch.

BANKRUPTCY UNDER CHAPTERS 7 & 11

Chapter 11 of the Bankruptcy Code means to "reorganize" the company and try to become profitable. Management continues to run the day-to-day business operations but business decisions must be approved by a bankruptcy court.

Under Chapter 7, the company stops all operations and goes completely out of business. A trustee is appointed to "liquidate" (sell) the company's assets and the money is used to pay off the debt, which may include debts to creditors and investors.

The investors who take the least risk are paid first. eg secured creditors take less risk because the credit that they extend is usually backed by collateral, like a mortgage or other company assets. They know they will get paid first if the company declares bankruptcy.

Bondholders have a greater potential for recovering their losses than stockholders, because bonds represent the debt of the company and the company has agreed to pay bondholders interest and to return their principal. Stockholders own the company, and take greater risk. They could make more money if the company does well, but they could lose money if the company does poorly. The owners are last in line to be repaid if the company fails. Bankruptcy laws determine the order of payment.