(NY AG) Cuomo Seeks A.I.G. Bonus Information

[Bozita]

Source: NYTimes

Cuomo Seeks A.I.G. Bonus Information
MARCH 16, 2009, 12:52 PM

Attorney General Andrew M. Cuomo of New York on Monday sent a letter to the American International Group, demanding more information about the employees who are set to receive about $165 million in bonus payments.

Mr. Cuomo’s letter, demanding the information by 4 p.m. on Monday under threat of subpoena, is the latest instance of outrage by a public official regarding the plan. At a speech before small business owners Monday afternoon, President Obama said he is asking the Treasury Department to pursue “every single legal avenue to block” the bonuses.

A.I.G. has said that the payments, to employees at the financial products unit responsible for billions of dollars in losses, are bound by contracts. Government advisers like Lawrence H. Summers of the National Economic Council had also said that their hands are tied.

In his letter, sent to Edward M. Liddy, A.I.G.’s government-appointed chief executive, Mr. Cuomo said that he has investigated the insurance company’s compensation plan since last fall. The attorney general is seeking the list of employees who will receive these bonuses, as well as their job information and performances. Mr. Cuomo said that the company had failed to heed a previous request for this list.

Read more: http://dealbook.blogs.nytimes.com/2009/03/16/cuomo-seeks-aig-bonus-information/

[kpete]

1. Cuomo Seeks A.I.G. Bonus Information (Threatens Subpoenas)

Source: New York Times

Cuomo Seeks A.I.G. Bonus Information
March 16, 2009, 12:52 pm

Attorney General Andrew M. Cuomo of New York on Monday sent a letter to the American International Group, demanding more information about the employees who are set to receive about $165 million in bonus payments.

Mr. Cuomo’s letter, demanding the information by 4 p.m. on Monday under threat of subpoena, is the latest instance of outrage by a public official regarding the plan. At a speech before small business owners Monday afternoon, President Obama said he is asking the Treasury Department to pursue “every single legal avenue to block” the bonuses.

A.I.G. has said that the payments, to employees at the financial products unit responsible for billions of dollars in losses, are bound by contracts. Government advisers like Lawrence H. Summers of the National Economic Council had also said that their hands are tied.

In his letter, sent to Edward M. Liddy, A.I.G.’s government-appointed chief executive, Mr. Cuomo said that he has investigated the insurance company’s compensation plan since last fall. The attorney general is seeking the list of employees who will receive these bonuses, as well as their job information and performances. Mr. Cuomo said that the company had failed to heed a previous request for this list.



Read more: http://dealbook.blogs.nytimes.com/2009/03/16/cuomo-seeks-aig-bonus-information/?hp

[tomm2thumbs]

2. MAKE THEM FAMOUS!!!

they'll never get a job anywhere with AIG on their resume

[JohnDoe_America]

3. So what if AIG didn't get bailed out?

How would AIG pay these bonuses that they are contracted to pay if they didn't get bailed out? Once they pretty much went bankrupt without taxpayer money all legal contracts should have been null and voided because a bankrupt company would not have money to pay bonuses after it paid off its other debtors.

Would a bank be willing to loan a company like AIG money to survive allow it to use the money for purposes other than its survival? Lets get real there are better uses for the 165 million dollars for AIG than to pay a bunch of people who failed at the most basic task of an employee which is to keep the company alive.

We need to get the point across that today is not just another day at the offices of AIG. If it wasn't for us there would be no AIG so all funds that we put in this company must go to the long term health of it and not to people who should be fired and in jail.