Tags: aig

Cuomo: AIG Gives Bonus Details After Subpoena

Thursday, 19 Mar 2009 03:58 PM

NEW YORK -- American International Group Inc, complying with a subpoena, provided details of bonus recipients to New York Attorney General Andrew Cuomo, his office said on Thursday.

"I have received the list of AIG Financial Products employees who received retention payouts," said Cuomo, the state's top legal officer who had set a deadline of end of business Thursday.

"We are aware of the security concerns of AIG employees, and we will be sensitive to those issues by doing a risk assessment before releasing any individual's name," he said in a statement.

For months, Cuomo has been pressing for details on the billions of dollars paid to executives at several banks that received U.S. government bailout money.

His probe is intended to determine whether the companies broke securities laws on disclosure. At AIG, $165 million in bonuses were paid to executives at the unit that brought the company close to collapse.

Cuomo told reporters on a conference call earlier Thursday that in accordance with a state court ruling published Wednesday, he expects Bank of America Corp (BAC.N: Quote, Profile, Research, Stock Buzz) to hand over the names of the 200 highest bonus earners at Merrill Lynch & Co last year.

At Merrill, bonuses totaling $3.6 billion were paid just before the company was bought by Bank of America on Jan. 1.

Cuomo released details of his AIG probe earlier this week, saying 73 AIG employees had received bonuses of $1 million or more in 2008, even as the insurer was being supported by $180 billion in taxpayer bailout money.

© 2015 Newsmax. All rights reserved.

1Like our page

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

© Newsmax Media, Inc.
All Rights Reserved