A.I.G. Statistics

Today’s lead story in the New York Times was titled, “418 Got A.I.G. Bonuses; Outcry Grows in Capital.”  It contained excellent investigative reporting by the Times with additional new statistics and developments.

Here are the statistics according to the Times:

– 418 A.I.G. employees received bonuses

– $33.6 million (of the total of $165 million) went to 52 people who have left the company

– 73 people received more than $1 million each, most in the financial products unit

– The top 22 employees received at least $2 million each

– The top 10 employees received $42 million

– Seven employees received at least $4 million each

– The largest bonus was $6.4 million

The political developments kept pace with the statistical ones. Andrew Cuomo has started an investigation demanding the names of the employees be released. House Speaker Nancy Pelosi hopes to introduce legislation to recoup the bonuses sometime this week. President Obama expressed outrage and demanded all possible actions to recoup the money.

However, in one of the more omenous developments, we had the first call for the resignation of Treasury Secretary Timothy Geithner. In my opinion, these calls will grow and ultimately succeed. There is going to be a demand for the person responsible, and it was Secretary Geithner’s job to oversee the bailout program.

A second consequence of this scandal: it will become very difficult politically to pass an additional bill to bailout the banks.

We’ll have to wait and see on these two developments as the story runs its course.