AIG pays back most of their bonuses today

[GTAsoldier]

From the NY Times,

Attorney General Andrew M. Cuomo of New York announced late Monday afternoon that 9 of the top 10 bonus recipients at the American International Group had given back their bonuses.

He also said 15 of the top 20 bonus recipients in A.I.G.’s financial products division had given the money back, for a total that he estimated at about $30 million. “Those bonuses will be returned in full,” Mr. Cuomo said during a conference call with reporters.

The attorney general noted that about 47 percent of $165 million in retention bonuses was awarded to Americans, accounting for nearly $80 million, and he said he expected to get that money back.

Mr. Cuomo acknowledged that some bonus recipients declined to give back bonuses, especially those overseas who are outside the jurisdiction of New York State.

He said he did not think it would be in the public interest to release the names of those who gave back their bonuses.

Mr. Cuomo received a list of bonus recipients from A.I.G. on Thursday. The bonuses have caused a public uproar because A.I.G. received more than $170 billion in government bailout money to avoid collapse. Mr. Cuomo subpoenaed the giant insurer for names of the recipients as part of his investigation into how the company is using taxpayer money.

Mr. Cuomo reiterated Monday that his office was sensitive to the security and privacy concerns of A.I.G. employees and that it would conduct a risk assessment before releasing name. More than 400 people received bonuses in A.I.G.’s financial products division.

A.I.G.’s chief executive, Edward M. Liddy, told Congress last week that he had asked employees to give back half of their bonuses. Mr. Cuomo responded that this was inadequate. On Thursday, the House of Representatives agreed as it overwhelmingly passed a 90 percent tax on bonuses given out by A.I.G. or any other company getting more than $5 billion in federal bailout money.

Mr. Cuomo reported last week that 73 A.I.G. employees were paid more than $1 million in bonuses.

The highest bonus was $6.4 million, and six other employees received more than $4 million, according to Mr. Cuomo. Another 15 people received bonuses of more than $2 million, and another 51 people received bonuses of $1 million to $2 million.

A.I.G., which is now nearly 80 percent owned by the government, had argued that the bonuses were needed to retain employees in its financial products division.

Good fucking riddance. Those guys at AIG should pay back their bonuses. How dare they even use bailout $$ to still continue their corrupt actions that had played a large role in my nation's economic crisis. We still have a long way to go though, but this is just another step in stopping economic corruption in these serious times.

[chris82]

Very true, this criminal misuse of financial power needs to be dealt with.

[mvi]

Can't stop human nature, at the end of the day with power - financial or otherwise - comes an ability to use it in unethical ways for selfish gain at the loss of everyone else.

[Husky]

Good riddance, about time.

[Urbanoutlaw]

If AIG went into bankruptcy in the first place, investigations may have legal reasons to disqualify the bonuses & avoided

the whole mess in the first place. What about the real perpetrators?

Geitner, the (tax cheat) treasury secretary who authorized the bonuses in the original AIG bailout?

Polosi, the Speaker of the House who threw together the nearly 1200 page Stimulus bill containing protection of the

bonuses?

Dodd, the elected representative who added the amendment specifically guaranteeing these bonuses?

Then there's Obama who made a promise to "go through every bill, line by line"? If he kept that promise he could have

vetoed that provision.

Now these same perpetrators pass a 90% tax on the bonuses trying to cover up their own screw-up when they gave

them out in the first place. What happens when they decide you haven't paid your fair share?

[MeZaMe YuMe_MoMoKu]

Actually stopping corruption is very difficult. It just goes on and on.