AIG Execs Ignore Vow to Return Bonuses

Only $19M of promised $45M has been repaid

By Rob Quinn, Newser Staff

Posted Dec 23, 2009 1:08 AM CST
Updated Dec 23, 2009 7:30 AM CST

Copied

AIG Execs Ignore Vow to Return Bonuses — A protester holds a sign before marching toward AIG's offices in Chicago's financial district earlier this year. (AP Photo/M. Spencer Green)

Execs at the AIG division responsible for the company's downfall have decided they deserve those hefty bonuses after all. Top earners at the bailed-out company promised to return $45 million in bonuses by the end of this year amid public outrage at the payments, but only some $19 million has been returned, the Washington Post reports.

"They have a contractual right to be paid this money. They put in their time, and they have performed all their obligations successfully," declared a lawyer for some of the executives. Company officials told the workers that their promises to return the cash were voluntary and nonbinding, according to the attorney. AIG is scheduled to award another $195 million in bonuses next March.
(More AIG stories.)

Report an error