AIG doesn’t want you to know the names of the executives in its Financial Products division who got huge bonuses paid for with taxpayer bailout bucks. But we don’t care what AIG thinks. We think you should know.
That’s why we’ve been searching for the names. Now we’ve found another AIG executive that we believe received a huge bonus despite working in the Financial Products division. He is Pierre Micottis, an executive vice president who runs AIG’s French bank, Banque AIG.
In an internal memo we published earlier, AIG argued that it had to pay the controversial bonuses to retain key employees. One example of key employees the memo mentions were “the senior managers of AIGFP’s Banque AIG subsidiary.” If they resigned, the memo said, it would allow the Commission Bancaire, the French banking regulator, to appoint its own designee to step in and manage Banque AIG.
This points directly at Micottis, the highest ranking manager at the Paris based bank. He’s actually been on our list of probable recipients since the story first broke, as his senior position makes it likely that he would get a large bonus. We emailed him on Monday requesting an interview about the bonuses but he refused to answer our inquiry. Now that AIG is talking about senior managers at Banque AIG, we’re certain Micottis got the bonus.
The bonus award to Micottis is likely to provoke outrage because he will be immune to US efforts to clawback the bonuses through special taxes. As a foreign national operating in foreign territory, his income will be immune to the reach of US taxes. Banque AIG handled all the credit default swaps traded out of the London office, putting it right at the heart of AIG’s meltdown.
We don’t know much about Micottis yet. But we figure that now that he’s pocketed his huge AIG bonus, he might finally be able to buy that copy of Market Wizards: Interviews With Top Traders that he’s had on his Amazon wishlist for 4 years. Perhaps, though, it’s too late for that now.