by Kevin M Nixon, MSA, CISSP®, CISM®, CGEIT®
Some of the very famous criminals who are forever etched into our memories include Bonnie and Clyde, Jeffrey K. Skilling, Jack the Ripper, the Boston Strangler, Jeffrey Dahmer, Charles Manson, Sirhan Sirhan, Lee Harvey Oswald, Atilla the Hun and now that list is about to grow exponentially. One of the newest perpetrators is Bernie Madoff who, managed to scam famous people, regular folks and numerous charity organizations for over 20 years and all the while wining and dining the SEC regulators. He literally was hiding in plain sight. The latest “clan of scam”, the 73 “unnamed” AIG employees who “self-righteously” believed that they deserved and took their incentive compensation after we (that would be you and me) taxpayers would indulge their sense of self-entitlement. Quite frankly, pond scum ranks above these folks. However, if Barney Frank (D-Mass) has his way, the public will learn every single name. Today, Representative Frank, the Chairman of the Congressional Committee conducting an investigation, looked Edward Liddy, AIG CEO, directly in the eye and asked if he would provide the names of the employees that received their bonus money from the taxpayers. CEO Liddy said that he would, provided that the employees had their “privacy protected”. Barney Frank, a representative who is known for his sharp wit and even sharper tongue, shot back, “Mr. Liddy, I will not guarantee anything. You can choose to provide the committee with those names voluntarily, or we will obtain them by subpoena, but those names will be made public”! Barney Frank is working to earn the title “People’s Hero”!
On Monday, March 16th, New York Time writer Andrew Ross Sorkin wrote an article entitled "The Case for Paying Out Bonuses at A.I.G." and made some very interesting points.
"A.I.G. employees concocted complex derivatives that then wormed their way through the global financial system. If they leave — the buzz on Wall Street is that some have, and more are ready to — they might simply turn around and trade against A.I.G.’s book. Why not? They know how bad it is. They built it."
An attorney for some employees that received Government money was quoted as follows: “These folks have read about themselves in the paper every day. These people are leaving as soon as they can.”
We now all know, AIG spent $165 Million of the Bailout Bucks on an "Incentive Bonus & Employee Retention Plan" on 73 employees. One executive received a $6.5 Million check on Friday. There are times when I truly believe that "Mob Rule" (mob as in angry crowd) is appropriate. Quite honestly there is also nothing more satisfying then directing our anger into thinking up creative solutions for recovering part of the $185 Billion in taxpayer funds we’ve provided AIG so far.
Andrew Sorkin’s New York Times article clearly indicates that some of the AIG employees have threatened to take their insider knowledge of the books and use that knowledge to speculate against AIG unless they get to keep their money. I refuse to be held hostage and I'm guessing readers don't like it either.
The following is my personal opinion to recover taxpayer money in 24 hours is less. I propose a REVISED AIG "Incentive Plan".
The Government and all of us now own 80% of AIG. Like all majority owners we have the right to "call our paper". AIG employees should be provided with a Public Notice stating that they have 72 hours to return their bonus checks or the following action will be taken.
Using the current AIG HR & Payroll files which now belong to the taxpayers we would obtain the following data and publicly disclose the following:
· All names will be published and made publicly available. Yes, ALL names not just the ones who refuse to return their checks. This will provide extra pressure from other AIG employees.
· All bonus recipients’ addresses will be made public. In the case of multiple addresses, every known address will be made public. They are already a matter of public record in the form of deeds, tax records, etc.
· All telephone numbers will be made public. Telecommunication companies will be required to provide any telephone numbers that AIG employees attempt to change. Additionally, all of the company paid and/or reimbursed cell phones and PDAs monthly telephone usage statements should be preserved and also published. If the investigators haven’t thought about it so far, those records can also be useful in determining how many laws were broken. Barney need to also issuing subpoena to the cell phone providers of the employees to preserve the evidentiary trail.
· Each employee address when published will be hyperlinked to Google Maps and turn by turn directions will be provided to the public.
· Each employee's spouse's name will be made public along with the spouse’s employers (assuming they work). Telephone numbers of those employer’s should understand that they should expect taxpayer (aka current stockholders) phone calls will come into any business where a spouse is employed.
· The names of immediate adult family member’s names, addresses and phones will be published.
· Any person listed as an Emergency Contact, Beneficiary or associated with the AIG employees will be made public.
· The reward to anyone who reveals, discloses, and ultimately lets all the names “out of the bag” and is directly responsible for recovery of Taxpayer money will receive: 1) a TAX FREE $500K Reward, 2)presentation of the Congressional Medal of Honor by the President, and 3) Unlimited Witness Protection Benefits as desired.
Please clearly understand that ‘normally’ I am a violent defender of data privacy but not in the case of fraud or theft foisted upon US Taxpayers.
© Copyright 2009 – Kevin M. Nixon – All Rights Reserved – See: Information Security Resources
(This article may be reprinted in whole or in part only with proper attribution to the author.)
