OMG, the AIG bonuses are to the Derivatives shop that tanked the company?

[dkf]

I didn't think I could be more shocked at the sheer chutzpah of these characters, but they have outdone themselves again.

http://www.talkingpointsmemo.com/archives/2009/03/ive_written_been_highly_critical.php

AIG, Begone!

I've written been highly critical of the government bailout of AIG. But the new spectacle of the company paying $100 million in bonuses to executives, even over Secretary Geithner's objections is an example of what's wrong with it.

First, lest there be any confusion, we're not talking about bonuses for executives at the conventional insurance providing divisions of AIG. We're talking about $100 million in bonuses for executives at the company's Financial Products division, the shop in London that wrote almost half a trillion dollars of credit default swaps, mainly on crappy mortgage securities -- the ones that caused the company's death spiral and put taxpayers on the line for what will likely eventually be a quarter trillion dollar price tag.