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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
From the June 2014 issue
Estimated total calories members of Congress burned giving Bush’s 2002 State of the Union standing ovations:
A fertility scientist named Panayiotis Zavos announced that he had created human-cow embryos that were theoretically viable, but denied that he planned to allow such a hybrid to be implanted in a woman’s womb. “We are not trying to create monsters,” he said.
A statistician determined that the five most common first names among New York City taxi drivers are Md, Mohammad, Mohammed, Muhammad, and Mohamed.
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“I hope that after reading the following pages the leaders of the Y. M. C. A. will start a campaign to induce good young men to do nothing. If so, I shall not have lived in vain.”