Tuesday March 24, 2009 03:57
AIG execs to return bonuses in full
Posted by Alex as Corporate, Government, Recession
New York Attorney General Andrew Cuomo reported that AIG’s 15 of the top bonus receivers have agreed to return their huge bonuses in full. This news might might come off as good news but it’s basically the decent thing to do when caught in the middle of the huge controversy.
The committed returns amount to more than $30 million of the reported $165 million awarded. The Attorney General is hoping that other bonus earners will do the same in order to facilitate the return of the full amount. Cuomo also previously reported that the total amount awarded might be at least $218 million.
“I applaud the employees who are returning the bonuses think they are being responsive to the American people,” Cuomo said in a press conference with reporters.
AIG has been under fire ever since the huge bonuses came to public light. AIG had been facing bankruptcy since last year but was fortunate to stave off dire straights when the government awarded ailing companies bailout money. AIG received $170 billion to keep things afloat.
Source: Business Week
Related posts:
Tags: AIG, Bailout, Bonus, Corporate, Government, Recession, Recovery, Scandal