Question about AIG bonus investigations: 20 State Attorneys General announced investigations

[Aloha Spirit]

at the same time: Last Friday.

Who organized this?
I got this info from an article in Legal Newsline...

"In all, 20 state attorneys general announced investigations Friday into the bonuses paid by AIG to its senior executives, including CEO Edward Liddy. The officials are demanding the names of bonus recipients and documents concerning the bonuses."

"We've demanded the information needed to confirm that the billions loaned to AIG are being used as intended - to stabilize the company and help unwind the mortgage-backed securities that damaged our economy," said Washington Attorney General Rob McKenna, a Republican.

Here's the article

http://www.legalnewsline.com/news/219944-aig-executives-agree-to-return-bonuses-amid-state-pressures


I only mention this because one way of interpreting Obama's Ed Henry response is that, as Cuomo announced last October, he intended to work closely with the Obama administration on the developing AIG scandal. So I'm wondering what role the White House may be playing that's not been reported.

Any thoughts?

(tag edit)

[MarjorieG]

1. You'e generous. The question implied why wasn't Obama as effective and fast as Cuomo, twice,

[Aloha Spirit]

2. hmm could you explain that a little?

Do you mean that you don't think the State Attorneys General coordinated their investigations?

[Aloha Spirit]

3. Also, Obama's remark and hand gesture clearly meant he didn't think Henry "knew what he was talking

about before he spoke," ... if you didn't catch that, I'd recommend re-watching it.

[Thrill]

4. How does he know what the WH is doing? And how far they've got?

Maybe the WH is pushing Cuomo to do this? Ed Henry is clueless.

[Aloha Spirit]

5. Yeah, I think the multiple investigations as well as statements from Cuomo last fall indicate that

the WH or DOJ is probably helping to coordinate the investigations.
I think it also indicates that the WH is comfortable with state investigations into finance industries over the financial meltdown as well as misuse of bailout funds.

[Romulox]

6. IMO, the bonuses may well be "fraudulent conveyances" under the Uniform Fraudulent Transfers Act

Which means there may be plaintiffs with causes of action to challenge these bonuses in all 50 states...

[Aloha Spirit]

7. Ooh, I will have to read about that.

Thanks

[Romulox]

8. I was going to post a detailed look at the UFTA, but formatting problems got in the way

Check out the "badges of fraud" listed in subsection b. This is one of those "model uniform" laws that has been adopted in virtually every state in the union.

http://www.assetprotectionbook.com/section_4_future_creditors.htm