WORLD> America
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WORLD> America
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Cuomo says AIG execs agree to return $50M bonuses
(Agencies)
Updated: 2009-03-24 10:38 About 400 employees and future employees in AIG's financial products division received bonuses. Documents provided by AIG to the Treasury Department said the awards ranged from $1,000 to nearly $6.5 million. Seven employees were to receive more than $3 million. Last week Cuomo said AIG paid bonuses of $1 million or more to 73 employees, including 11 who no longer work there. Separately, Connecticut's consumer protection division has subpoenaed AIG, demanding that the contracts and names of employees who received the bonuses be provided by March 27. Gov. M. Jodi Rell has said she wants the division to determine whether the bonuses can be voided under the Connecticut Unfair Trade Practices Act. AIG's financial products division is headquartered in Wilton, Conn. Connecticut Attorney General Richard Blumenthal says his office also demanded the bonus recipients' names and the amounts. Last week, the House passed a plan to slap a punitive, 90 percent tax on bonuses paid to AIG employees whose family income surpasses $250,000. Not all of the AIG employees earned more than the income threshold specified by the House bill. But President Obama has signaled opposition to the House's tax bill on constitutional grounds. The Senate is soon expected to take up its own plan on the tax.
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