What isn't being reported

AIG was being sued for breach of contract by a former employee, Rob Feilbogen. Feilbogen claimed that when the unit he worked for, AIG Trading, was put under the control of Cassano's AIG Financial Products, he was informed in writing by an AIGFP executive that the company's previous guarantee to pay him a bonus of $1.3 million would no longer be operative. Feilbogen said he was told he would still be eligible for a bonus, but the $1.3 million figure would not be guaranteed.

In a letter to Cassano, Feilbogen insisted on receiving his $1.3 million bonus. In response, Cassano played hardball, telling Feilbogen he could agree to the new deal, or resign. Feilbogen continued to resist, and was soon informed by an AIGFP lawyer that his employment had been terminated "as a result of his decision to resign."

The lawsuit was eventually settled out of court. But the case suggests that whatever bonus agreement Feilbogen had, or claimed he had, with AIG, Cassano and his colleagues weren't inclined to treat it with much respect.

link: http://tpmmuckraker...._careful.php#more

Post #305,796 by beepster 3/18/09 4:00:54 PM Reply	What isn't being reported seems to be want AIG was contractually obligated to pay to these people. I would like to see that. Simply put, if the government is saying "you can't pay" things owed under contract...then what's to stop them from paying any other contractual obligations (like rent, healthcare, pensions, outstanding loans, et al) I will choose a path that's clear. I will choose freewill.
Post #305,798 by Another Scott 3/18/09 4:40:52 PM Reply	Eh? Try again?
Post #305,819 by lincoln 3/18/09 10:17:22 PM Reply	AIG hasn't honored contracts before AIG was being sued for breach of contract by a former employee, Rob Feilbogen. Feilbogen claimed that when the unit he worked for, AIG Trading, was put under the control of Cassano's AIG Financial Products, he was informed in writing by an AIGFP executive that the company's previous guarantee to pay him a bonus of $1.3 million would no longer be operative. Feilbogen said he was told he would still be eligible for a bonus, but the $1.3 million figure would not be guaranteed. In a letter to Cassano, Feilbogen insisted on receiving his $1.3 million bonus. In response, Cassano played hardball, telling Feilbogen he could agree to the new deal, or resign. Feilbogen continued to resist, and was soon informed by an AIGFP lawyer that his employment had been terminated "as a result of his decision to resign." The lawsuit was eventually settled out of court. But the case suggests that whatever bonus agreement Feilbogen had, or claimed he had, with AIG, Cassano and his colleagues weren't inclined to treat it with much respect. link: http://tpmmuckraker...._careful.php#more "Chicago to my mind was the only place to be. ... I above all liked the city because it was filled with people all a-bustle, and the clatter of hooves and carriages, and with delivery wagons and drays and peddlers and the boom and clank of freight trains. And when those black clouds came sailing in from the west, pouring thunderstorms upon us so that you couldn't hear the cries or curses of humankind, I liked that best of all. Chicago could stand up to the worst God had to offer. I understood why it was built--a place for trade, of course, with railroads and ships and so on, but mostly to give all of us a magnitude of defiance that is not provided by one house on the plains. And the plains is where those storms come from." -- E.L. Doctorow

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