Cuomo Offers Some Details of A.I.G. Bonuses

[deminks]

Source: New York Times

Seventy-three employees were paid more than $1 million in the newly minted bonuses at the insurance giant, American International Group, according to the New York attorney general Andrew M. Cuomo.

The attorney general provided some new details on Tuesday about some of the $160 billion in bonuses that the insurance giant paid out last week in a letter sent to Representative Barney Frank, the chairman of the House Committee on Financial Services.

Mr. Cuomo did not name the recipients of bonuses but said one employee received more than $6.4 million. The top seven received more than $4 million each, and the top 10 received a combined $42 million. Eleven of those who received “retention” bonuses of $1 million or more are no longer working at A.I.G., including one who received $4.6 million, he said.

“A.I.G. made more than 73 millionaires in the unit which lost so much money that it brought the firm to its knees forcing a taxpayer bailout,” Mr. Cuomo wrote in the letter. “Something is deeply wrong with this outcome.”




Read more: http://www.nytimes.com/2009/03/18/business/18cuomo.html

[Bonhomme Richard]

1. This say's it all.

"Eleven of those who received “retention” bonuses of $1 million or more are no longer working at A.I.G."
They are so feeding us bullshit.

[Jambalaya]

20. Second helping at the bailout trough

Eliot Spitzer: The Real AIG Scandal Isn't The Bonuses It's the huge payments going to counterparties, foreign and domestic, who recklessly exposed themselves to AIG risk to the tune of hundreds of billions of ...
www.businessinsider.com/eliot-spitzer-the-real-aig-scandal-isnt-the-bonuses-2009-3 - 2 hours ago - Similar pages_________________


SUPERB article! Contends that the bounuse were really a second round at the TARP money for folks like Merril Lynch,Bof A, Goldman Sachs,etc.

[Solly Mack]

2. So much for needing the bonuses to retain the talent and expertise

Eleven of those who received “retention” bonuses of $1 million or more are no longer working at A.I.G., including one who received $4.6 million, he said.

[ayeshahaqqiqa]

3. The "retention bonus" scam shows

that all this money needs to be paid back. Come on, what does anyone need $4.6 million dollars for? I'm sure they all have good health insurance. Hmm....if the public gets angry enough, they may need to use it. Best that they give all that cash back to the government.

[tomm2thumbs]

4. revoke their Passports, let 'em live outside of the country they raped and pillaged

I hope they name names and post photos -
MAKE THEM FAMOUS for their actions.

We need to see these idiots on every Post Office wall.

[Gin]

5. could Tim and Larry be among those who no longer work there and got the bonuses?

[condoleeza]

6. Will be interesting to see if Cuomo ever releases the names or if that's "privileged information"

I'd take a pass on volunteering to pay my taxes this year if it weren't for the fact that they owe me.

[kpete]

7. BREAKING: AIG paid 73 employees bonuses of $1 million or more; 11 of whom are no longer there,

Source: CNN

AIG paid 73 employees bonuses of $1 million or more; 11 of whom are no longer there, according to NY Atty. Gen. Cuomo.



Read more: http://www.cnn.com/

---

AIG’s Top Bonus Recipient Got More than $6.4 Million, Cuomo Says

By Karen Freifeld

March 17 (Bloomberg) -- The top recipient of bonuses from American International Group Inc. received more than $6.4 million, according to a letter today from New York Attorney General Andrew Cuomo.

AIG’s top 7 recipients received a total of more than $28 million, according to the letter to Representative Barney Frank, a Democrat and chairman of the House Committee on Financial Services.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aKOPuzKHMKEY&refer=home

[Lochloosa]

8. Great minds....

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3787078

[GoesTo11]

9. Since these won't help retain the employees who are gone

maybe they can attract them back with 7 figure signing bonuses!

[RedCloud]

10. I dumped AIG. Where's my huge dungheap of moolah?

Those dorks jacked up my car insurance rate by more than 40%. This is after they got stinking rich, again.

[No Elephants]

11. Isn't the entire point of promising a retention bonus to pay it only to people who are still

employed when payment time comes?

Ok, I want to see someone go to jail for defrauding the gubbamint.

Mark my words. Cuomo will be the next Governor of NY and/or the next President on this alone.

[mbperrin]

19. Makes the "retention" argument sorta moot, don't it?

They're not for "performance" - the company just posted the biggest loss of all time anywhere.

Uh-oh! I smell fraudulent conveyance! Civil AND criminal penalties! Let's go get 'em!

[zeemike]

23. Perhaps they were not retention bonuses

But fireing bonuses...that is what they had to pay them to get them to quit.
Does anyone know where I can get that kind of work?

[CLANG]

22. Feed Trough!! Step right up! Everyone gets a MILLION!!!!!

Edited to note - If I got one of those $1,000,000,00 bonuses, my entire extended family, my mom and dad, my brother and my three sisters, my son and daughter - they would all make it through this depression.

[Lochloosa]

12. AIG paid 73 employees bonuses of $1 million or more; 11 of whom are no longer there, according to NY

Source: CNN

AIG paid 73 employees bonuses of $1 million or more; 11 of whom are no longer there, according to NY Atty. Gen. Cuomo.



Read more: http://www.cnn.com/

---

No Story Yet

[dmosh42]

13. Then that phony contract is no longer in effect! Go to jail, crooks!

[DrDan]

14. weren't these retention bonuses? as opposed to performance bonuses?

they do not seem to have worked out very well if that was the case.

[jordi_fanclub]

15. Today's letter from Cuomo to Barney Frank about how AIG con-artists say one thing and made other

http://www.oag.state.ny.us/media_center/2009/mar/House%20Committee%20Letter%203.17.09.pdf

Excerpt:

"... Furthermore, we know that AIG was able to bargain with its Financial Products employees since these employees have agreed to take salaries of $1 for 2009 in exchange for receiving their retention bonus packages. The fact that AIG engaged in this negotiation flies in the face of AIG's assertion that it had no choice but to make these lavish multi-million dollar bonus payments. It appears that AIG had far more leverage than they now claim."

[demo dutch]

16. Obama and Geithner need to get this shit under control!

[ShortnFiery]

17. But the media whores on M$NBC as asking, "But what about Nancy Pelosi's Plane?!?"

Asshole pseudo-journalists. :puke:

[berni_mccoy]

18. HEY! It's 165 MILLION not BILLION. Why did you not just cut/paste the text?

[deminks]

25. Hey, I did cut and paste. The article has been modified.

When I cut and pasted, it said billion. I never type out snips, I paste them as I find them. No need to yell at me, either.

Thank you for your concern.

[bemildred]

21. AIG Bonuses 'Staggering' in Size, Seven Execs Received Over $4M Each

The Financial Products Subsidiary may be largely to blame for the near collapse of insurance giant AIG last year, but that did not stop seven executives at that department from taking home bonuses of over $4 million each, with the top bonus recipient earning more than $6.4 million, according to numbers released today by New York Attorney General Andrew Cuomo in a letter to the Chairman of the House Financial Services Committee Barney Frank (D-Mass.).

"Already my Office has determined that some of these bonuses were staggering in size," wrote Cuomo after he subpoenaed AIG Monday demanding the names and job descriptions of those that shared a $165 million bonus pool despite the firm's dismal performance and its acceptance of over $170 billion in bailout funds so far.

http://www.abcnews.go.com/Blotter/WallStreet/story?id=7102959&page=1

[dugaresa]

24. meanwhile people at my company are offering to give up their 401K contributions

and other company paid bennies to help save jobs.

Ahh, to have a job where you could mess up and get millions in bonuses...I wish it could happen to me.