UPDATE: 15 of top 20 AIG execs have given back all bonus money...

[link to wcbstv.com]
on drudge


9 Of Top 10 AIG Execs To Give Back Bonuses
In Addition, N.Y. Attorney General Cuomo Announces That 15 Of Top 20 Give Back Funds Equaling $30 Million
NEW YORK (CBS)
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New York Attorney General Andrew Cuomo announced Monday evening that nine of the top 10 executives at AIG will return their bonuses.

The insurance giant came under scrutiny last week after it was revealed that company executives were scheduled to receive more than $165 million in bonuses following a taxpayer bailout.

In all 15 of the top 20 bonus recipients have agreed to give back the money, which equals approximately $30 million.

Cuomo said AIG paid bonuses of $1 million or more to 73 employees, including 11 who are no longer employed by the company. Cuomo subpoenaed AIG to release that information while he looked into possible charges of fraud.

President Barack Obama wanted to stop AIG from handing out any more executive bonuses while receiving billions in federal aid. The government will place tough new limits on the next $30 billion installment of bailout money headed to the struggling insurance company. And the President had ordered Treasury Secretary Timothy Geithner to see if the money already paid out can be retrieved.

But that didn't stop the howls of protest.

"There is a rat hole, and we have thrown $170 billion down it. At the same time the Treasury Secretary Geithner could have and should have insured that taxpayer dollars wouldn't be used to pay these bonuses, but he didn't," said Sen. Christopher Bond (R-Missouri).

Through its insistence that it is contractually obligated to pay those bonuses, despite receiving billions in taxpayer aid, AIG has become the poster boy for corporate greed, eliciting a level of anger not seen since the financial crisis began. In a radio interview, GOP Sen. Charles Grassley suggested AIG executives follow the Japanese example.

"Come before the American people and take that deep bow and say I'm sorry and then either do one of two things: resign or go commit suicide," he said.

The senator eventually revised that, saying instead the executives should "repent." Most Americans would prefer instead they "refund" and give back the bonuses.

"Let the recipients of these large and unseemly bonuses be warned: if you don't do it on your own, we will do it for you," said Sen. Charles Schumer (D-N.Y.).

Please stay with CBS 2 HD and wcbstv.com for more on this developing story.

Last Edited by Dread Pirate Roberts on 03/23/2009 06:38 PM

Not without some kind of promise of payback in one form or another at a later time when Americans are again distracted.

Bet you anything, this was a wink and a nod return.

YUP! good call

dammit!

send back 15 lengths of rope!

DOOM CANCELED

our short attention spans will forget all this and when it dies down then they will go off with the dough!