Paying It Back

Some of the bonus money being returned:

NEW YORK –New York Attorney General Andrew Cuomo said Monday that 15 employees who received some of the largest bonuses fromAmerican International Group Inc. have agreed to return the more than $30 million worth of payments in full.

In
total, AIG employees have agreed to return about $50 million of the
$165 million in bonuses awarded earlier this month by the troubled
insurer, Cuomo’s office said.

Cuomo said he
still hopes that more AIG employees will return their bonuses. At most,
Cuomo said his office could hope to recoup $80 million of the bonuses —
roughly the amount paid out to American employees.

“I
applaud the employees who are returning the bonuses,” Cuomo said during
a conference call with reporters. “I think they are being responsive to
theAmerican people.”

[snip]

About 400 employees and future employees in AIG’s financial products
division received bonuses. Documents provided by AIG to theTreasury Department
said the awards ranged from $1,000 to nearly $6.5 million. Seven
employees were to receive more than $3 million. Last week Cuomo said
AIG paid bonuses of $1 million or more to 73 employees, including 11
who no longer work there.

A.

3 thoughts on “Paying It Back

  1. Future employees got the bonuses for doing such a swell job of not dragging AIG down to the gutter. By not yet working at AIG they avoided approximately $1,000,000,000,000 in losses to that company.

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