Andy Cuomo: the first salvo against exec compensation. AIG is the target

[ChairmanAgnostic]

New York's AG, Mario's son, just sent a letter to AIG, demanding that they stop with the excessive, extravagant salaries and bonuses, and stop with the ritzy junkets.

$30+ million in golden parachutes to one, $24Mil to another, AND deliberate preventing their own internal auditor from examining the swap and financial business, added to a junket to shoot partridges in England?

Watch other states' AGs start looking at exec compensation in other businesses. This just might be the start of something really good.

In Europe, the top execs make between 12-30 times the average worker. IN the US, some industries pay 140 TIMES the average worker. crazy.

[RB TexLa]

1. what state laws exist to determine someone's wages? Other than requiring a minimum?

[Larkspur]

3. If taxpayer money is bailing out the business, then we have a right to limit executive salaries.

[RB TexLa]

6. And states enforce provisions of a federal program? Maybe NY was involved with some

tax relief or something.

[Muttocracy]

7. I wonder that too, though NY has some power over Wall Street

Spitzer earned a lot of hatred for going after Wall Street when he was NYS AG

[StClone]

2. Many CEOs, COOs make 500 times average employee

In Japan it is less than 20 times!

[bullimiami]

4. maybe there is a loophole into publicly held companies?

[JDPriestly]

5. Directors have certain fiduciary duties to the corporation and to the shareholders.

That's the basis on which shareholders bring shareholder lawsuits.

The Bush administration prosecuted some of the leading plaintiff's attorneys in that field.