New York Attorney General Andrew Cuomo gets AIG dudes to give their stupid bonuses back
Wow. Why hasn't more been made of this? From the New York Times...
Attorney General Andrew M. Cuomo of New York announced late Monday afternoon that 9 of the top 10 bonus recipients at the American International Group were giving back their bonuses.
He also said 15 of the largest 20 bonus recipients in A.I.G.’s financial products division had agreed to give back the money, for a total that he estimated at about $30 million. “Those bonuses will be returned in full,” Mr. Cuomo said during a conference call with reporters.
The attorney general noted that about 47 percent of $165 million in retention bonuses was awarded to Americans, accounting for nearly $80 million. All told, Mr. Cuomo said, A.I.G. employees have agreed to return about $50 million in bonuses.
How many horses had to die for Cuomo to pull this off by placing severed heads in the beds of sleeping AIG executives? Or maybe the whole 90% tax on the bonuses proposed by Congress made it a no-brainer to just return the money?
2 comments:
Andrew Cuomo is the man, he's picking up where Spitzer left off as AG. I actually liked Spitzer as AG regardless of his personal indiscretions. Someone has to keep Wall St in check even if they're cast as the villain for doing it.
I think the 90% tax did it. What's the point of taking the bonus if you just have to give it back? What really irks me is these fools caused the bail out in the first place, exactly what kind of 'talent' are they and why do they deserve more money? Why would you reward bad behavior? Jeeze, I'm no Einstein but that's pretty simple.
C.
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