Machinists (IAM) Call for Terminations at AIG

[Omaha Steve]

http://news.prnewswire.com/ViewContent.aspx?ACCT=109&STORY=/www/story/03-17-2009/0004990147&EDATE=

WASHINGTON, March 17 /PRNewswire-USNewswire/ -- The International Association of Machinists and Aerospace Workers (IAM) today called for the immediate termination of every executive at American International Group, Inc. (AIG) who accepts a bonus payment.

"Gross incompetence is but one of the grounds to void those contracts," said IAM President Tom Buffenbarger. "These executives destroyed their company. They triggered a global economic meltdown. They misappropriated taxpayer monies. Their gross incompetence is irrefutable. But another ground for firing them exists."

"If they accept those bonuses, they should be arrested and arraigned. What they did over the last four years was criminal. Just like Bernie Madoff, they constructed a global ponzi scheme meant to defraud investors and then hide their illegal actions from investigators. Those bonuses are little more than a blatant attempt to buy the silence of executives who planned, executed and were exceedingly well-compensated for the trillion-dollar scam know as credit default swaps," added Buffenbarger.

Despite a massive public outcry, AIG is moving forward with plans to distribute $165 million of taxpayer aid to company executives, including those who supervised the division at AIG that was largely responsible for the company losing more than $61.7 billion in the fourth quarter of last year, the largest corporate loss in history.

The plan to pay senior executives at AIG millions in taxpayer funded bonuses comes just weeks after lawmakers demanded steep cuts in compensation for U.S. autoworkers as a condition for any financial assistance for struggling auto companies.

"The double standards at work here are outrageous," declared Buffenbarger.

FULL story at link.