In Defense of AIG Employees

, New York Law Journal

Kenneth P. Thompson and Andrew S. Goodstadt, partners at Thompson Wigdor & Gilly who represent almost 20 AIG employees in the financial products division who received the retention payments that have sparked a national furor write that it has been nearly impossible to open a newspaper, turn on the television or even attend a social function without being exposed to the public anger over AIG employees who recently received a total of $165 million in "bonuses." However, they say, the public's uproar over these payments, which has been fueled by the media and elected officials, is based on a fundamental misunderstanding of the nature of these payments, namely, that they are "bonuses" in the conventional sense and money rewarding employees for the failure of a bankrupt company.

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