More grist for the mill here. New York AG Andrew Cuomo, in a letter to Barney Frank, bellows over the fact that 11 bonus recipients, who received $1 million or more in retention bonuses, aren’t even with the company anymore.
Retention bonuses to former employees? Yes, kind of ridiculous.
Not to defend AIG’s paying bonuses, but part of the issue here may be semantic more than anything else. Perhaps they were bonuses paid out of contractual obligation that were called retention bonuses? We’re not sure.
We also don’t think most people will give a damn about the distinction.