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Outrage

London AIG: Returning Bonuses “Blackmail”

Executives in Europe insist they should keep them.

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Stephen Chernin

The bonus uproar hasn’t died just yet: CNBC reports that the head of AIG Financial Products, the unit that caused most of the bank’s troubles, told French and British employees on Monday that the public demand for repayment is “blackmail.” According to an employee who received a bonus, "The vast majority of people in London have made the decision that the request is pretty offensive. It effectively constitutes blackmail whether it is criminal or not. There is no moral reason to give it back." AIG’s small London branch office is believed to have put as much as half a trillion dollars at risk.

Read it at CNBC

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