March 19, 2009
When Is A Bonus Not A Bonus?
NP: John Cage, 4'33"
Unless you're under a rock, you know the subject of AIG and it's contractual bonuses has been pretty much everywhere lately. Now that the contracts have been published, there's even more Internet chatter. Like Hilzoy at Washington Monthly, I was wondering how the hell these "bonuses" could be considered bonuses if they were guaranteed and independent of performance.
In yet another link to yet another Nate Silver post, here finds the pretty definitive answer not in the contract, but in an SEC filing for 2007. It turns out that this was largely a preemptive strike from AIG to help keep incentive-based employees when it seemed the deck was stacked against those incentives. In the grand scheme of things, it's not all that evil.
We'll see how long it takes for Nate's analysis to propagate through the blogs.
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