No really, AIG Financial Products chief Gerry Pasciucco told a meeting of his European based derivatives gurus that the money vortex CEO Ed Liddy’s request that they return their bonuses amounted to “blackmail.” That’s according to a London-based recipient of one of the bonuses — London, you’ll recall, is where the inimitable Joseph Cassano was employed — who furnished the news agency with emails showing that AIG compliance officer David Haig had actually asked the country’s Serious Organised Crime Agency to probe whether the (voluntary) requests could be legally considered extortion. Well what a fascinating use of government-bankrolled hours for the taxpayers of both countries!! But wait, don’t shoot yourself, hear the anonymous employee out…
“The vast majority of people in London have made the decision that the request is pretty offensive,” the employee said. “It effectively constitutes blackmail whether it is criminal or not. There is no moral reason to give it back.”Hmmmm. Okay, well, let’s reflect on this for a second. An insurance company doles out a couple hundred million dollars to hold on to employees who merely by leaving the company could, by some obscure provisions of the wholly unregulated contracts said company made with approximately 97% of financial institutions known to man, require — by the Godly covenant of contract law — said company to owe said banks more money than probably even exists in the world… and the federal government that was forced to buy the company to appease the banks lest they usher in Armageddon, makes a wholly voluntary request to said employees, $180 billion into its effort, to return their bonuses to appease taxpayers…and yes I suppose under that sort of a system such a request just might sound like “extortion.” Legal or not.
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