It is all spelled out in the 16 page "AIG Financial Products Corp. 2008 Employee Retention Plan."
The first bonuses cover from Dec. 1, 2007, to Nov. 30, 2008, to be paid no later than March 15 of this year.
Those are the bonus checks issued last week that have the whole country outraged.
A second round is still to come, covering from Dec. 1, 2008 to Nov. 30, 2009, to be paid no later than next March 15.
...
Meanwhile, somebody who deserves applause wherever he goes is one person whom AIG had no trouble denying a guaranteed bonus.
Joseph St. Denis was a senior auditor at AIG when he had the audacity to delve into what was really happening in the financial products unit.
After being berated, humiliated and undercut by the unit's president, St. Denis resigned in October of 2007, one month before the end of the bonus period. He had been promised a bonus of $325,000.
"I never received my contractually guaranteed bonus," St. Denis noted in a letter to Congress.
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