AIG Exec Calls Bonus Backlash "Blackmail"


They’re mad as Hell and they’re not going to take it anymore.

We’re talking about AIG executives with the Financial Products unit who are reportedly “adamant” about not returning their controversial bonuses.  On Monday the group held a meeting in its London offices to discuss the bonuses. Immediately afterwards, someone tried to call in the cops on those who think the bonuses should be returned.

From Reuters:

AIG Financial Products unit head Gerald Pasciucco told a staff meeting for UK and Paris employees on Monday that he thought a demand for repayments was to a certain extent “blackmail,” said a London-based recipient of one of the retention bonuses from the bailed-out insurer.


“The vast majority of people in London have made the decision that the request is pretty offensive,” the employee said. “It effectively constitutes blackmail whether it is criminal or not. There is no moral reason to give it back.”

…After the meeting, a compliance officer for the Banque AIG unit in London went so far as to ask UK authorities from the Serious Organised Crime Agency (SOCA) to probe whether demands to return the payments could be considered extortion, according to emails obtained by Reuters.


Gery Pasciucco is the guy in the picture with the cocktail, blue blazer and Che t-shirt.

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