Retention bonus - money paid to employees who will be laid off at a later time in order to keep the employee working at their current job even though they know their job will soon be lost.
The AIG retention bonus amount ($165, 000, 000) and timing has been known for several months, it is no surprise.
The current CEO of AIG was installed by the federal government.
The federal government owns 80% of AIG.
Chris Dodd, democrat senator, put specific language in the Stimulus Bill allowing bonuses such as this to be given out.
Chris Dodd was the highest recipient of money from AIG for the 2008 election cycle, $103,000.
Senator Obama received $101, 000.
AIG gave $93 billion of the federal government bailout funds directly as a "pass through" to other banks, mostly foreign banks, in an apparent deal to give stimulus money to foreign entities without a direct tie back to the US government.
See this article for some details about the AIG bailout fiasco.
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