Tuesday, March 24, 2009
There may not be a Santa Claus but there is New York Attorney General Andrew Cuomo.
On a conference call with reporters Monday, Cuomo said that of the top 20 executives who received the biggest bonuses, 15 have given them back in full. The amount returned so far is about $50 million. Of the top 10 highest earners, 9 have returned their bonuses.
According to Cuomo, the investigation into the distribution of the bonus cash continues. “I am trying to get the money back because I believe that is what the American people deserve,” said Cuomo.
“I am hopeful that more AIG employees will heed the example set by their colleagues and pay the money back,” said Cuomo.
According to documents obtained last Friday by Connecticut Attorney General Richard Blumenthal, AIG’s Connecticut-based Financial Products unit paid $218 million in bonuses, not the $165 million the company previously acknowledged