When Edward Libbey was CEO of Allstate, he cut compensation costs by firing 6,000 agents, without bothering about legal niceties either. The agents sued twice, he fought and won the lawsuits.
But now at AIG he’s suddenly all anguished about how, darn it, he simply must follow the law and give huge bonuses to the incompetents who destroyed the company?
He could do what he did it Allstate. Simply fire them. Then the bonuses don’t have to be paid. Better yet, the government should fire him and then cancel the bonuses. Then find something to indict him about.