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AIG executives, we’re told, argue that they have to proceed with the nine figures in bonus payments because there are contractual commitments in place. From what I see, their analysis of the law and their legal obligations is a bit simplistic. Among other things they need to be taking into account the law respecting preferential payments to insiders and fraudulent conveyances. That would suggest that making “bonus” payments might be a very foolish move, and that any payments actually made might be recaptured. It would also increase the pressure to put AIG into bankruptcy as a vehicle for reversing many of these payments. Is that what AIG management wants?
More from Scott Horton:
Six Questions — October 18, 2014, 8:00 pm
Nathaniel Raymond on CIA interrogation techniques.
Mark Denbeaux on the NCIS cover-up of three “suicides” at Guantánamo Bay Detention Camp
Acreage of a Christian nudist colony under development in Florida:
Florida’s wildlife officials decided to remove the manatee, which has a mild taste that readily adapts to recipes for beef, from the state’s endangered-species list.
A 64-year-old mother and her 44-year-old son were arrested for running a gang that stole more than $100,000 worth of toothbrushes from Publix, Walmart, Walgreens, and CVS stores in Florida.
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