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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.
Estimated percentage of New Hampshire’s bat population that died in 2010:
A horticulturalist in Florida announced a new low-carb potato.
In Peru, a 51-year-old activist became the first former sex worker to run for the national legislature. “I’m going to put order,” she said, “in that big brothel which is Congress.”
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“Civilization masks us with a screen, from ourselves and from one another, with thin depth of unreality. We habitually live — do we not? — in a world self-created, half established, of false values arbitrarily upheld, largely inspired by misconception, misapprehension, wrong perspective, and defective proportion, misapplication.”