Robert Benmosche, new CEO of AIG — which continues to hold $182 billion of the taxpayers’ money, and seems in no hurry to return any — will be paid about $7 million per year. That means typical people, who earn a median $50,000 a year, are being taxed so yet another plutocrat can own an estate. Benmosche also is “eligible” for a $3 million annual bonus, meaning even after all the flap about AIG bonuses, average people are still being taxed for AIG bonuses. And he received 200,000 AIG stock options with a strike price of $20. Right now, AIG shares are selling for $40, meaning the options have a current value of about $4 million. Thus Benmosche could take home $14 million for his first year of running AIG. This money comes from pockets of taxpayers struggling to pay their rent. It doesn’t surprise me that a plutocrat would be shameless about reaching into the pockets of the working class. It does surprise me that Barack Obama would OK this, and that the mainstream media would give up on AIG outrage. Have we simply accepted at this point that it’s OK for Wall Street leadership to steal from taxpayers?
from this week’s TMQ