According to the latest spin, AIG must give out bonuses to avoid lawsuits:
In a letter to Geithner dated Saturday, Liddy said outside lawyers had informed the company that AIG had contractual obligations to make the bonus payments and could face lawsuits if it did not do so.
These jokers at AIG want to play hard ball. So let's play hard ball. Make the executives sue for their bonuses. Tell them, "Go ahead. Sue us."
Each plaintiff would be identified in any lawsuit. His or her employment contract would become a matter of public record. Each plaintiff would need to state what bonus he was promised. None of this information would be a trade secret or otherwise be privileged. We the people could look behind the curtain.
Plus, I doubt that any of the executives have a loser-pays provision in their contracts. So they'd need to give a lawyer a third of their bonuses in order to sue. At least the wealth would be spread out. Even if there is a loser-pays provision: Attorneys' fees would be relative chump change. Even if we have to pay their lawyers, it'd be worth it.
As a taxpayer, I welcome these lawsuits. Let's have the "best and brightest" publicly expose themselves in lawsuits.
So, please: Sue me.