Its not like the bonus money delegated for AIG executives would flow right back into the economy if returned, but it was the idea of un-warranted wealth that made angry protesters march on the homes of those executives on Saturday.
New documents reveal AIG paid its executives $53 million dollars more than originally reported. Bringing the total to more than $200 million.
Protestors demanded answers on Saturday in a two-part rally. First a busload of demonstrators visited top executives home during their “Rich and Infamous Home Tour,” then they went to AIG offices in Wilton. They want the top executives to return their bonuses to the taxpayer.
Close to 50 people crowded the troubled insurer’s front lawn. Their signs and chants sent a clear message to the company.
“I think they should return the bonus and I think they should do that immediately,” said Craig Stallings of Hartford.
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The controversial bonuses came to light last week. AIG said it was contractually obligated to pay $165 million dollars as retention bonuses to some executives.
But documents subpoenaed by Attorney General Richard Blumenthal revealed it actually paid out $218 million dollars, that’s $53 million more than originally reported.
The problem is, the cash came from the $182 billion dollars the government used to bailout AIG, so its all taxpayer money.
“The company owes the public an answer for how much in taxpayer funds was outrageously and unjustifiably paid - so that we can recover them from those who received them,” said Blumenthal.
Some have returned the bonuses, including Douglas Polling. But that didn’t stop protestors from visiting his home.
They say the point is to show these executives that the millions they made came out of protestors pockets.
"We're talking about a recession where 100 out of every 1,000 people are losing their jobs, where the government is struggling to help the economy and we've got this company, AIG for which over a $100 billion dollars has already been provided," said Burgis Walker, of Ridgefield.
Another protestor from Hartford argued that money should be invested in his city. “We’re threatened to layoff more than 200 teachers and we could use that money to pay them so they can educate our children in stead of fat cats living large.”
AIG could not be reached for comment on exactly how much was paid in bonuses. We do know that more than 70 executives were paid one million dollars each. 5 of them made another $4 million. There is no word from the company on how many executives plan to give the money back voluntarily.
