Cuomo Says Most Huge A.I.G. Bonuses Were Returned

[jefferson_dem]

Source: NYT

Cuomo Says Most Huge A.I.G. Bonuses Were Returned
March 23, 2009, 6:05 pm

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.

Read more: http://dealbook.blogs.nytimes.com/2009/03/23/cuomo-says-many-big-aig-bonuses-were-returned/

[DURHAM D]

1. Wow - its great what a little public pressure can do. n/t

[Igel]

9. It's good when you're on the winning side,

and they're your values being enforced.

When you're on the losing side and they're not your values, it's not so great.

I've been on both sides at various points in my life and I've noticed that rule of law has very little to do with public pressure and peer pressure. They act without reasoned discussion, and it's the "reasoned" part that I find necessary for a *liberal* democracy (as usually defined).

[cal04]

2. Cuomo: 15 AIG execs agree to return bonuses

Fifteen of the top 20 executives at American International Group who received the bonuses that prompted widespread public fury have agreed to pay them back in full -- more than $30 million, state Attorney General Andrew Cuomo said late Monday.

"I applaud the employees who are returning bonuses," Cuomo said in a hastily arranged telephone conference call with reporters, adding that he hoped it would set an example for other AIG employees.

Cuomo said his investigators are "working our way down the list" and that he ultimately expects to recoup roughly $80 million in bonuses from American employees. The remaining $85 million in bonuses that were paid out March 15 went primarily to foreigners, he said.

"Obviously, we have a very aggressive theory of our jurisdiction, but we don't have a theory that gets us to London right now," Cuomo said.

http://www.newsday.com/news/local/newyork/ny-webbzaig0324,0,7038955.story

[tomm2thumbs]

3. Now for the News Media to find out the one hold-out! Oh, they'll find out...

They love a challenge

[monmouth]

5. Nah, the MSM is too lazy to do any leg work, they'll wait to find out on

the hateful blogs..LOL

[monmouth]

4. Could Cuomo be the next Gov. of New York? He's pretty impressive

and quite handsome (I know, I'm shallow, but what the hey)...

[acmavm]

6. If you or I got into an argument with our neighbor and 'authorities' of some

sort were notified, our names would be a matter of public record. They steal billions and their privacy gets protected?

I don't care about safety. They should have thought about that. They thought the gravy train would never end. AND IT HASN'T!

[ayeshahaqqiqa]

7. Might not be in the public interest to release the names of those

who gave back the money, but it is certainly in the public interest to name the ones who kept theirs.

[Jackpine Radical]

8. Fucken Whoopee.

That's almost a dime for each American.

Now I'll be able to retire.