This is a totally new phenomenon: Bonus giveback season. We know that AIG (AIG) CEO Ed Liddy has asked employees to give back some or all of their bonuses, and that they have until today at 5:00 PM to make that call.
Now ING is doing the same, asking 1200 employees to give back their 2008 pay.
In AIG’s case, the government is probably just going to steal it back somehow. We’re not so sure about ING. This is probably a pretty tough decision for many of them. CEO Jan Hommen called it a “moral appeal.”
Also, there won’t be any 2009 bonuses at ING at all, so employees might be giving up the last good paycheck they’ve seen in a while.