AIG Executives to Return Bonuses

New York’s attorney general Andrew Cuomo has announced that efforts to recoup millions of dollars in AIG bonuses have progressed significantly after nine of the ten top executives have agreed to return their payouts following mounting pressure.

While the U.S. insurance giant was facing collapse the government stepped in and funded more than $170 billion in aid to the company as part of its bail-out package. It was quickly learned that a portion of that money was then distributed to executives in the form of bonuses, an action that outraged the public as well as politicians.

Between $165 million and $205 million was handed out in bonuses, payouts that were funded by taxpayers.

As news of the bonuses surfaced the House representatives approved a bill that would tax bonuses handed out by companies receiving government bail-out money by 90% in an effort to retrieve the money. That bill was called unconstitutional by President Barack Obama who called on the executives to return the bonuses on their own accord.

Cuomo has made it his mission to retrieve as much of that money as he can and has said he hoped to recoup about $80 million. According to Cuomo 15 of the top 20 executives had agreed to return about $30 million in bonuses. About 400 employees in AIG’s division handling mortgage-backed assets were given bonuses between $1,000 and $6 million with seven senior employees receiving more than $3 million.

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