AIG CEO: “Retirement ages will have to move to 70, 80 years old”

[We Want Peace]

Says the guy who made $7 million last year (and the year before) running a bailed out company from his comfortable European seaside “villa” as he calls it. It’s just a little too easy for blowhards like him to propose everyone else working that long while he’s raking in millions, with millions more to come upon retirement.

How do people like this overlook the lousy conditions of everyone else, so often? People like this somehow manage to also overlook Wall Street’s responsibility in this latest economic crisis. How convenient. More from Bloomberg:

American International Group Inc. (AIG) Chief Executive Officer Robert Benmosche said Europe’s debt crisis shows governments worldwide must accept that people will have to work more years as life expectancies increase.

“Retirement ages will have to move to 70, 80 years old,” Benmosche, who turned 68 last week, said during a weekend interview at his seaside villa in Dubrovnik, Croatia. “That would make pensions, medical services more affordable. They will keep people working longer and will take that burden off of the youth.”

http://www.americablog.com/2012/06/aig-ceo-retirement-ages-will-have-to.html

[bluestateguy]

1. I never got a thank you note from the AIG CEO for the taxpayer bailout I helped pay for

Did it get lost in the mail?

[SammyWinstonJack]

2. Despicable A$$hole!

[lpbk2713]

3. IOW --- "The Drone class will be required to work until they die"

That has been their plan all along.

[tularetom]

4. Where the fuck does he think all the jobs are going to come from

There isn't enough work for people under 65.

Without a massive infusion of tax dollars into the economy there will be no work for these elderly job seekers.

[Enrique]

5. it needs to be lowered to 55

there isn't enough work.

[Politicalboi]

9. We should threaten them

Either raise taxes on the rich by 30% more, or lower the age of retirement to 55.

[mrmpa]

12. Thank you, I am 55 and can't get a job. eom

[surrealAmerican]

6. How many of them will he be hiring?

When there are vacancies in his company, do they look for people over 70? Would they consider hiring applicants that age?

[KansDem]

7. As was once observed before on DU...

At age 70, It's a lot different working as a lawyer than as a coal miner.

[flamingdem]

8. People who work have less time to devote themselves to politics

and voting, and they live in fear for their survival, compliant with the man and all

[MrScorpio]

10. AIG used to be my insurance company

After I found out what they did, I dropped them like a hot potato.

They became completely untrustworthy

[JBoy]

11. "take that burden off the youth" = "keep my taxes unsustainably low"

[aquart]

13. But not if we tax all income from all sources at 85 percent after ten million.

That would pretty much cure the whole problem.

[abelenkpe]

17. Better 92 percent

Worked for Eisenhower.

[MichiganVote]

14. eat shit rat brain. will shoot all these rat bastards first.

[TheKentuckian]

15. Fucking 80???? Stop breathing my air, Benmosche and I hope you are sped along from such a position

you worm ridden filth.

[abelenkpe]

16. Yeah cause so many companies are eager to hire those over 50

I mean it's not like that age group has been suffering from ageism or having difficulties finding work. It's not like companies look at them and dismiss them as candidates fearing that they will have too much experience and demand a higher wage, have costly medical bills or require days off for family reasons. That never happens....working until 70 and not qualifying for medicare until then should be easy.

[karynnj]

18. Not just cavalier, but his conclusion is asinine

I get how it would make pensions more affordable - fewer would get them if they started at 70 or 80 and those that did would collect for a shorter time. That, however, ignores how few have defined pension benefits. Those that were switched to 401Ks will get them - or their heirs will. It is not clear how they are "more affordable" - unless given that the amount needed is lower, the company portion (for companies with company portions, might be greatly reduced.

As to medical services being less - what is he speaking about? I never saw a study that suggested that people had higher medical costs (ignoring how or who paid them) just because they are retired. All other things being equal, I would guess just the opposite.

But the dumbest thing is saying that it will take the burden off the youth. IF people were still taking jobs at 70 or 80 - and my guess is that if there is age discrimination at 55 - I don't even want to thing of what a laid off 75 year old would face - there would be fewer jobs for the youth to have.

Maybe this indicates the level of critical analysis of the top people at AIG and explains why they were probably the biggest mess in 2008 with their credit swaps.

[B Calm]

19. Forced to work for someone I don't respect

to age 80, you gotta be kidding! I'm ready to get this ball chain off my ankle right now, and I'm only 61.