New York Attorney General Andrew Cuomo said today that American International Group will halt bonuses paid to former executives from a $600 million fund, and will withhold $19 million from its former chief executive, who was fired in June.
The executives were responsible for the risky investments that led AIG to the brink of collapse, the New York Times reports today.
“There should not even be any contemplation of bonuses for executive performance because I find it hard to conceive of a situation that you could justify a performance bonus for management that virtually bankrupted the company,” Cuomo told reporters.
Cuomo is also trying to force AIG to take back bonuses already paid to said failed executives.
Two days ago, AIG said it would stop lobbying against regulations designed to keep it out of trouble, and will cancel 160 events that would have cost $80 million.
More Watchdog:
- Invisible sponsor of OC wine event: AIG
- AIG calls off lobbyists, cancels events totalling $80 million
- Truth or dare? AIG ordered to bare all its secrets
- AIG’s “outrageous expenditures” cause more trouble
- AIG subsidiary parties in style in OC, two weeks after bailout
- AIG’s St. Regis blowout bill: $443,344
- Saturday Night Live skewers AIG excesses
- Obama on AIG’s $400,000 party: ‘Fire the scoundrels!’
- Yet another AIG subsidiary parties hearty days after bailout
- Cartoon zinger lampoons AIG bailout
- Prez didn’t push for bailout so execs could get facials
- Behind the AIG party: A look at the St. Regis
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With this being spearheaded by a Democrat in New York State, why do I feels, that somehow, the Orange County Register will try to shift the credit to the OC?
How many more times does this have to appear as new? It’s a constant reminder of how much money they just squander when things are “good”.
They are all PIGS (I know, insult to pigs)