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NBC's Tom Costello spelled out the ways in which AIG had been too big to fail when it was bailed out last fall. Its customer base is huge--74m worldwide covering "real estate, aircraft, cargo shippers, healthcare providers, life-commercial-property insurance, financial institutions, business & personal loans, cities & states--and its losses are huge too, $62bn in the final quarter of 2008, "the biggest corporate loss ever." Dwarfing the payouts for bonuses, Costello listed the major banks that received settlements from AIG, courtesy of federal funds: Goldman Sachs $13bn, Deutsche Bank $12bn, Societe Generale $12bn, Bank of America plus Merrill Lynch $12bn, Barclay's $8bn and so on.
NBC's Chuck Todd (no link) misplaced the decimal point when he pointed out that the bonus money "only accounts for less that 1%" of the bailout. He meant less than one tenth of 1%. ABC's Jake Tapper reported that the bonus package contracts had been agreed to in March of last year, before AIG was 80% nationalized, and that the Obama Administration only learned of their existence by reading The New York Times this weekend. CBS' Chip Reid forgot when the nationalization happened when he noted that "some Republicans blame the Obama economic team for not barring big bonuses when they bailed out the banks." The bailout happened under the Republican administration of George Bush--and AIG is an insurance company not a bank.
Tiny the bonuses may be in percentage terms--but they still represent a giant reward for "reckless behavior that torpedoed the economy," as NBC's Costello quoted Chairman Benjamin Bernanke. ABC assigned David Muir to check whether those contractual payments can legally be clawed back. "Leverage will be far more powerful than any legal option," he concluded, since the bonus contracts "however outrageous are binding." Muir anticipated that AIG will need yet more federal funds and cited the example of the automobile industry: "Federal help came with a catch, breaking those longtime union contracts."
CBS' Reid quoted another solution to the bonus problem from Charles Grassley, the Republican Senator from Iowa. Addressing AIG executives, he suggested: "Resign or go commit suicide."
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