Home > business > Cuomo says AIG execs agree to return $50M bonuses

Cuomo says AIG execs agree to return $50M bonuses

New York Attorney General Andrew Cuomo said Monday that 15 employees who received some of the largest bonuses from American International Group Inc. have agreed to return the more than $30 million worth of payments in full.

In total, AIG employees have agreed to return about $50 million of the $165 million in bonuses awarded earlier this month by the troubled insurer, Cuomo’s office said.

Cuomo said he still hopes that more AIG employees will return their bonuses. At most, Cuomo said his office could hope to recoup $80 million of the bonuses — roughly the amount paid out to American employees.

“I applaud the employees who are returning the bonuses,” Cuomo said during a conference call with reporters. “I think they are being responsive to the American people.”

Cuomo said 9 of the 10 people receiving the largest awards have agreed to return their bonus. Additionally, 15 of the top 20 bonus recipients have consented to returning their money. Cuomo said some have refused to return the money, while others are still considering it.

“We are deeply gratified that a vast majority of Financial Products’ senior leadership have expressed a willingness to forsake their recent retention payments,” wrote spokeswoman Christina Pretto in a statement e-mailed to The Associated Press. She added that the company is continuing to review the responses of the other employees.

Complete article

This article was originally posted on Yahoo Finance

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