BANG THE HANKERS - BOOT THE SHANKERS
Robin Wood | 21.03.2009 09:35 | Globalisation | Social Struggles | Workers' Movements
AIG warns staff to travel in pairs after death threats over bonuses
• Executives fear for safety after £115m payout
• Hide firm's logo and park in lit areas, employees told
• Executives fear for safety after £115m payout
• Hide firm's logo and park in lit areas, employees told
AIG warns staff to travel in pairs after death threats over bonuses
• Executives fear for safety after £115m payout
• Hide firm's logo and park in lit areas, employees told
* Andrew Clark in New York
* The Guardian, Saturday 21 March 2009
The embattled US insurance company AIG has warned its staff to travel in pairs after dark, not to wear company logos and to avoid discussing their work outside the office, as public outrage boils over at multimillion-dollar executive bonuses.
AIG's employees have been subjected to death threats since the company handed out $165m (£115m) in "retention" awards to employees in its disastrously loss-making financial products division this week.
Recipients of the bonuses said they feared for their own safety. A union-backed campaign group is today taking protesters on a bus tour of AIG executives' homes in a wealthy enclave of Connecticut known as the "gold coast".
In a leaked company-wide memo, AIG's corporate security team this week warned staff to take special precautions "due to a growing sense of public attention fuelled by increased media scrutiny".
The memo, posted on the New York website Gawker, urges staff to "avoid wearing any AIG apparel (bags, shirts, umbrellas etc) with the company insignia". It advises workers to take off identity badges when they go outside, to report the presence of any strangers, and to call the emergency services if they think they are being followed. "At night, when possible, travel in pairs and always park in well-lit areas," it reads.
AIG's financial products division insured banks against the risk of default on credit instruments, but failed to put aside substantial reserves in case of liabilities. When the credit crunch erupted, the division imploded with vast losses, forcing AIG to turn to taxpayers for more than $150bn of emergency aid.
The unit is largely run out of London, but its head office is in Wilton, Connecticut. Many of its executives live in sprawling homes along Long Island Sound, north-east of New York City.
One of those who received a multimillion-dollar bonus, James Haas, became tearful when confronted by journalists at his house this week. He told the New York Times: "I feel horrible. This has been a complete invasion of privacy."
Haas, who has agreed to hand back his bonus, said: "There are kids involved, there have been death threats."
One threat to Haas, who has been nicknamed Jackpot Jimmy, reportedly read: "Haas better not even get in his car."
Another executive told the Associated Press: "People are very, very nervous for their security."
A group called Connecticut Working Families, which includes union activists and community groups, has been drumming up supporters to visit AIG executives with letters describing the predicament of struggling homeowners.
"There is a human cost to the economic meltdown that we're experiencing," said Jon Green, director of the protest organisation.
From President Barack Obama downwards, politicians have condemned AIG's use of public money to pay bonuses. The company says its hands are tied by legally watertight contracts drawn up before the financial meltdown.
Such is the political backlash that the US House of Representatives passed a special act imposing a 90% tax on the bonuses on Thursday. The measure has yet to go before the Senate.
Critics argue that the tax is unconstitutional, because it is targeted at specific individuals. The Republican senator Judd Gregg said that although he considered the bonuses "despicable", the government should not levy taxes "in a manner that is arbitrary, punitive and targeted on a single group of people".
AIG staff have been warned to ...
• Avoid wearing any apparel with company insignia.
• Ensure any AIG badges are not readily visible when leaving the office.
• Be aware of individuals who appear to be out of place or spending an inordinate amount of time near an AIG facility and report these sightings immediately to building security.
• At night, when possible, travel in pairs and always park in well-lit areas.
• Avoid public conversations involving AIG and do not engage in any media personnel regarding the company.
• Report lost or stolen AIG badges.
• If you think you are being followed, immediately dial 911.
• Do not give out personal information over the phone or via email.
• Ensure visitors are escorted by an AIG employee at all times when inside an AIG facility.
• Immediately report all windows, locks and doors that appear broken or tampered with.
• Avoid propping doors and be aware of those attempting to "piggy back" into AIG workspace.
• All other information, suspicious behaviour, questionable activity etc. should be reported to security.
AIG warns staff to travel in pairs after death threats over bonuses
This article was first published on guardian.co.uk at 00.01 GMT on Saturday 21 March 2009. It appeared in the Guardian on Saturday 21 March 2009 on p27 of the International section. It was last updated at 01.47 GMT on Saturday 21 March 2009.
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• Executives fear for safety after £115m payout
• Hide firm's logo and park in lit areas, employees told
* Andrew Clark in New York
* The Guardian, Saturday 21 March 2009
The embattled US insurance company AIG has warned its staff to travel in pairs after dark, not to wear company logos and to avoid discussing their work outside the office, as public outrage boils over at multimillion-dollar executive bonuses.
AIG's employees have been subjected to death threats since the company handed out $165m (£115m) in "retention" awards to employees in its disastrously loss-making financial products division this week.
Recipients of the bonuses said they feared for their own safety. A union-backed campaign group is today taking protesters on a bus tour of AIG executives' homes in a wealthy enclave of Connecticut known as the "gold coast".
In a leaked company-wide memo, AIG's corporate security team this week warned staff to take special precautions "due to a growing sense of public attention fuelled by increased media scrutiny".
The memo, posted on the New York website Gawker, urges staff to "avoid wearing any AIG apparel (bags, shirts, umbrellas etc) with the company insignia". It advises workers to take off identity badges when they go outside, to report the presence of any strangers, and to call the emergency services if they think they are being followed. "At night, when possible, travel in pairs and always park in well-lit areas," it reads.
AIG's financial products division insured banks against the risk of default on credit instruments, but failed to put aside substantial reserves in case of liabilities. When the credit crunch erupted, the division imploded with vast losses, forcing AIG to turn to taxpayers for more than $150bn of emergency aid.
The unit is largely run out of London, but its head office is in Wilton, Connecticut. Many of its executives live in sprawling homes along Long Island Sound, north-east of New York City.
One of those who received a multimillion-dollar bonus, James Haas, became tearful when confronted by journalists at his house this week. He told the New York Times: "I feel horrible. This has been a complete invasion of privacy."
Haas, who has agreed to hand back his bonus, said: "There are kids involved, there have been death threats."
One threat to Haas, who has been nicknamed Jackpot Jimmy, reportedly read: "Haas better not even get in his car."
Another executive told the Associated Press: "People are very, very nervous for their security."
A group called Connecticut Working Families, which includes union activists and community groups, has been drumming up supporters to visit AIG executives with letters describing the predicament of struggling homeowners.
"There is a human cost to the economic meltdown that we're experiencing," said Jon Green, director of the protest organisation.
From President Barack Obama downwards, politicians have condemned AIG's use of public money to pay bonuses. The company says its hands are tied by legally watertight contracts drawn up before the financial meltdown.
Such is the political backlash that the US House of Representatives passed a special act imposing a 90% tax on the bonuses on Thursday. The measure has yet to go before the Senate.
Critics argue that the tax is unconstitutional, because it is targeted at specific individuals. The Republican senator Judd Gregg said that although he considered the bonuses "despicable", the government should not levy taxes "in a manner that is arbitrary, punitive and targeted on a single group of people".
AIG staff have been warned to ...
• Avoid wearing any apparel with company insignia.
• Ensure any AIG badges are not readily visible when leaving the office.
• Be aware of individuals who appear to be out of place or spending an inordinate amount of time near an AIG facility and report these sightings immediately to building security.
• At night, when possible, travel in pairs and always park in well-lit areas.
• Avoid public conversations involving AIG and do not engage in any media personnel regarding the company.
• Report lost or stolen AIG badges.
• If you think you are being followed, immediately dial 911.
• Do not give out personal information over the phone or via email.
• Ensure visitors are escorted by an AIG employee at all times when inside an AIG facility.
• Immediately report all windows, locks and doors that appear broken or tampered with.
• Avoid propping doors and be aware of those attempting to "piggy back" into AIG workspace.
• All other information, suspicious behaviour, questionable activity etc. should be reported to security.
AIG warns staff to travel in pairs after death threats over bonuses
This article was first published on guardian.co.uk at 00.01 GMT on Saturday 21 March 2009. It appeared in the Guardian on Saturday 21 March 2009 on p27 of the International section. It was last updated at 01.47 GMT on Saturday 21 March 2009.
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Robin Wood