AIG Execs Repaying $50M in Bonuses: Cuomo

By Neal Colgrass,  Newser Staff
Posted Mar 23, 2009 6:01 PM CDT
AIG Execs Repaying $50M in Bonuses: Cuomo
Code Pink protesters hold signs as Chairman and CEO of the American International Group Edward Liddy prepares to testify on March 18, 2009 in Washington, DC.   (Getty Images)

New York Attorney General Andrew Cuomo said today that most of the top bonus recipients at AIG have agreed to return the money, amounting to more than $50 million, the Wall Street Journal reports. Fifteen of the top 20 beneficiaries of $165 million at AIG's Financial Products unit—which played a critical role in crippling the company—will give up the cash. "They are doing the right thing," Cuomo said.

About $80 million of the $165 million in bonuses that infuriated lawmakers and taxpayers alike went to Americans, Cuomo said, and he plans to recoup it. Some non-Americans, outside the legal reach of New York state, also returned bonus money, but some refused, the New York Times reports. Cuomo said he saw no public benefit in naming the AIG execs who agreed to return bonus money.
(More AIG stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.