Breaking: AIG Execs returning bonuses - Don’t get too excited -
Picked this up via TAP. Check out WCBSTV
New York Attorney General Andrew Cuomo announced Monday evening that nine of the top 10 executives at AIG will return their bonuses.
[snip]
In all 15 of the top 20 bonus recipients have agreed to give back the money, which equals approximately $30 million.
So that leaves only $135 million to go.
Like I said don’t get too excited.
Oh, did anyone notice this? From McClasky newspapers Via Openleft
WASHINGTON - Lost in all the shouting over the $165 million in bonuses paid to executives of disgraced insurer American International Group was this sober message delivered to Congress on Wednesday by a government watchdog: AIG’s ability repay its $170 billion in loans from taxpayers has eroded significantly…
“AIG’s ability to repay its obligations to the federal government also has been impaired by its deteriorating operations, its inability to sell its assets and by further declines in its assets,” said a GAO report that was released with Williams’ testimony.
More of the same - give $165 million in bonuses, can’t pay $170 billion back to the taxpayer.
Related posts:
[...] New York Attorney General Andrew Cuomo forces AIG executives to return at least some of their bonus’ [...]