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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
Hours per day that a death-row inmate in China wears hand and ankle restraints:
A multidisciplinary team detected cardiac arrhythmia in the works of Beethoven.
There was a run on cases of 5.56mm M855 green-tip rifle bullets, after the White House moved to ban their manufacture and sale because they can pierce police armor.
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