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Nine of the 10 executives who received top bonuses from American International Group have agreed to return them, New York's top legal officer said on Monday.
New York Attorney General Andrew Cuomo told reporters on a conference call that he hopes to recoup $80 million of bonus payments, or about half of the $165 million paid by the giant insurer on March 15.
"A number of them have risen to the occasion and I applaud them,'' said Cuomo, who is investigating several banks and firms, including AIG, who received bailout money and paid handsome bonuses to employees.
Cuomo's investigation is intended to determine if AIG [AIG
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] broke securities laws by not fully disclosing information about the award of bonuses to executives for 2008 even as it was on the brink of failure and relied on U.S. government money to stay afloat.
An AIG spokesperson said the company was glad most of its senior leadership was willing to give up their bonuses and will continue to wind down its Financial Products (FP) business.
"FP employees continue to work professionally and diligently to achieve an orderly wind-down of the FP business, which continues to have some $1.6 trillion of notional derivatives on its books, down about $1 trillion since the beginning of 2008," the spokesperson said. "The Financial Products group has reduced the total number of outstanding trades from 44,000 in late November to less than 28,000 today, and reduced risk metrics by more."
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