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Date Posted: 00:42:19 05/06/09 Wed
Author: Bobby N. Harmon
Subject:

AIG BONUSES FOUR TIMES HIGHER THAN PREVIOUSLY DISCLOSED

CV05-00030 - U.S. Dept of Justice, David C. Farmer, Trustee vs. Bobby N. Harmon - Exhibit: "AIG bonuses four times higher" & Witness: Robin Campaniano

From: bobby_n_harmon@yahoo.com

Sent: Wed 5/06/09 3:24 AM

To: President Barack Obama (president@whitehouse.gov); U.S. Attorney General Eric Holder (AskDOJ@usdoj.gov); David Farmer (farmerd001@hawaii.rr.com); Steven Guttman (sguttman@kdubm.com); Carol K. Muranaka (ustp.region15@usdoj.gov); Judge David A. Ezra (theresa_lam@hid.uscourts.gov); Judge Kevin S.C. Chang (shari_afuso@hid.uscourts.gov); Judge Barry M. Kurren (tammy_kimura@hid.uscourts.gov); Securities & Exchange Commission Enforcement Division (enforcement@sec.gov); U.S. Treasury Dept. Office of Inspector General (hotline@oig.treas.gov); Office of Inspector General US Dept of Justice (oig.hotline@usdoj.gov); Executive Office for U.S. Trustees (ustrustee.program@usdoj.gov); Judge Robert Faris (hib@hib.uscourts.gov); SEC Office of The Inspector General (oig@sec.gov); Hawaii State Bar Association (info@hsba.org); Charles Goodwin (HONOLULU@FBI.GOV); Hugh Jones (hugh.r.jones@hawaii.gov); Insurance Division Fraud Branch (insfraud@dcca.hawaii.gov); Lawrence Reifurth (dcca@dcca.hawaii.gov); Linda Lingle (governor.lingle@hawaii.gov); Jo Ann Uchida (rico@dcca.hawaii.gov); Office of Inspector General Civil Rights Complaints (inspector.general@usdoj.gov); Mark Bennett (hawaiiag@hawaii.gov)

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AIG BONUSES FOUR TIMES HIGHER

Tue May 5, 4:48 pm ET

The 2008 AIG bonus pool just keeps getting larger and larger.

In a response to detailed questions from Rep. Elijah Cummings (D-Md.), the company has offered a third assessment of exactly how much it paid out in bonuses last year.

And the new number, offered in a document submitted to Cummings on May 1, is the highest figure the company has disclosed to date.

AIG now says it paid out more than $454 million in bonuses to its employees for work performed in 2008.

That is nearly four times more than the company revealed in late March when asked by POLITICO to detail its total bonus payments. At that time, AIG spokesman Nick Ashooh said the firm paid about $120 million in 2008 bonuses to a pool of more than 6,000 employees.

The figure Ashooh offered was, in turn, substantially higher than company CEO Edward Liddy claimed days earlier in testimony before a House Financial Services Subcommittee. Asked how much AIG had paid in 2008 bonuses, Liddy responded: �I think it might have been in the range of $9 million.�

�I was shocked to see that the number has nearly quadrupled this time,� said Cummings. �I simply cannot fathom why this company continues to erode the trust of the public and the U.S. Congress, rather than being forthcoming about these issues from the start.�

AIG spokesman Ashooh said the company�s revised accounting is the result of different wording of the questions asked by Cummings and POLITICO.

The new figure of $454 million, Ashooh said, �reflects all types of variable compensation across all of our businesses,� while the $120 million figure he provided earlier reflected only bonuses paid to corporate headquarters executives and high-ranking officers at its major businesses around the world. Ashooh said the $454 million figure includes the $120 million he had previously disclosed.

All of the numbers provided are on top of the controversial $165 million in retention bonuses offered to employees of a division of the company known as AIG Financial Products. It was the disclosure of those payments that set off a political firestorm earlier this year. Washington was stunned that employees of the very unit that had brought AIG to its financial knees were being so richly rewarded � especially after the company received $170 billion in taxpayer bailout money.

The controversial payments were described by the company as �retention agreements� paid to keep employees from leaving.

But the disclosure of the bonus payments to one division of the company prompted confusion about how big the companywide bonus pool was for 2008. That�s the question that has prompted three different answers from AIG officials.

AIG�s Ashooh says the account AIG is now offering includes a larger group of employees than had been counted to tabulate the earlier disclosures.

�I think we�ve been pretty forthcoming,� Ashooh said. �AIG is not a simple organization. We�re answering the question that we think we�re being asked.�

The questions from POLITICO and from Cummings were both submitted in writing.
On March 19th, POLITICO asked AIG in an e-mail, �What was AIG�s total bonus pool (outside the retention agreements) for 2008?� To that, after some back and forth, AIG offered the $120 million figure.

Later in March, Congressman Cummings submitted written questions to AIG, asking: �Please specify the exact amount in bonuses � not retention payments or any other form of compensation � paid by AIG to employees of any division of AIG in 2008 or paid in 2009 for work performed in 2008.�

To that question, AIG disclosed a division by division breakdown of payments totaling $454 million.

The company said it maintains �approximately 374� plans that pay variable amounts of compensation based on performance. Citing the large number of recipients and concerns over the safety of AIG employees, the company declined to provide a list of the names of bonus recipients.

It broke down its results by division, including:
Domestic Life and Foreign Life Operations: 23,851 employees received an average of $5,050 each.

Property Casualty Group: 3,943 employees received an average of $5,403 each.

Foreign General Insurance Operations: 8,669 employees received an average of $5,074 each.

Retirement Services Operations: 1,168 employees received an average of $11,889 each.
Financial Services: 5,357 employees received an average of $4,994 each.

Asset Management Group: 2,095 employees received an average of $51,026 each.

Corporate wide variable plan: 6,410 employees received an average of $18,954 each.

The company also disclosed that it is developing a new bonus plan for 2009 in consultation with the Federal Reserve and Treasury.

http://news.yahoo.com/s/politico/20090505/pl_politico/22134

# # #

May 6, 2009

Dear President Obama, Attorney General Holder and All Concerned:

Due to the discovery of NEW FACTS, I am adding the subject Exhibit as it relates to this lawsuit which violates my Constitutional Rights of Free Speech and a Fair Trial, and to Federal and Hawaii Anti-SLAPP statutes.

You will find related information on-line at:

http://www.kycbs.net/AIG.htm
http://www.kycbs.net/CV05-00030-OUST-vs-Harmon.htm
http://www.kycbs.net/CV05-00030-Witness-Campaniano-Robin.htm

In view of all the facts that I have presented in this and hundreds of other Exhibits and witness descriptions, it is beyond comprehension that former Attorney General Alberto Gonzales; Assistant U.S. Trustees Curtis Ching, Gayle Lau and Carol Muranaka; Judges Eden Hifo (fka Bambi Weil), Kevin Chang, David Ezra, Barry Kurren, Lloyd King and Robert Faris; Trustees Mary Lou Woo, James Nicholson and David C. Farmer; American Arbitration Association arbitrator Judith Neustadter Fuqua, attorney Steven Guttman, and others, can still claim that they were non-conflicted, fair, impartial, and unbiased in this case.

In spite of all this factual evidence (not just "political opinions" or "conspiracy theories" as you have previously alleged), I am again asking that we attempt to reach a global settlement of this matter through confidential negotiation or mediation rather than continuing these costly and seemingly-endless court proceedings.

If you, and your insurance carriers, are still NOT willing to attempt to negotiate or mediate a settlement, then I ask that you perform your mandated review of this new Exhibit in accordance with Judge Ezra's Order, and advise me if you find it contains any so-called "protected subject matter", and whether or not you intend to OBJECT to my filing a Motion to reopen this case.

Mr. Farmer, I respectfully request your immediate reply. If I do not receive a response from you or your insurance carrier within 15 days, I will assume that you have found no "PSM" in these updated pages, and that you will NOT file any objections to my Motion.

Very truly yours,

Bobby N. Harmon, CPCU, ARM

Additional References:
http://www.kycbs.net/
http://voy.com/129276/
http://whistlersongs.blogspot.com

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