AIG Bonus Details Revealed

Financial Crisis: From Wall Street to Main Street

March 17, 2009

Email This
Lawyers
  • N.Y. Attorney General Andrew Cuomo
  • AIG's In-House Counsel
  • Debtor-Creditor Lawyers


    • Related Links:
  • The Financial Crisis: Special Coverage
  • Financial Crisis Timeline
  • Sample Executive Compensation Contracts

    		•

    AIG (American International Group, Inc.) paid out tens of millions in taxpayer 'retention' bonuses to company executives "whose performance led to crushing losses and the near failure" of the insurance company, according to New York Attorney General Andrew Cuomo.

    Information obtained about these taxpayer-funded bonuses reveals that:

    • The top AIG bonus recipient received more than $6.4 million;
    • The top seven 7 AIG bonus recipients each received more than $4 million;
    • The top ten AIG bonus recipients received a combined $42 million;
    • 22 executives received AIG bonuses of $2 million or more, worth a combined $72 million;
    • 73 people received AIG bonuses worth $1 million or more; and
    • Eleven people who received AIG 'retention' bonuses of more than $1 million are no longer employed by the company, including the executive who received the largest bonus.

    You can read the complete AIG bonus scandal details below:

    FindLaw | AIG Bonus Details Letter from NY AG
    View more documents from LegalDocs.

     

    Ads by FindLaw

    Legal News