Cuomo says 15 AIG execs will return their bonuses

NEW YORK — New York Attorney General Andrew Cuomo said Monday that 15 employees who received some of the largest bonuses from American International Group Inc. have agreed to return the money in full.

The commitments amount to more than $30 million of the $165 million in bonuses awarded earlier this month by the troubled insurer.

Cuomo said he still hopes that more AIG employees will return their bonuses. He expects his office will be able to recoup about $80 million of the money the insurer paid out — roughly the amount of bonuses paid to American employees.

AIG Chief Executive Edward Liddy told Congress last week that some of the employees were willing to give the money back. AIG has come under heavy criticism because the bonuses were given to employees after the company received $170 billion in government bailout money. Cuomo had sought the names of the employees who received bonuses from Liddy through a subpoena.

"I applaud the employees who are returning the bonuses," Cuomo said during a conference call with reporters. "I think they are being responsive to the American people."

Cuomo said 9 of the 10 people receiving the largest awards have agreed to return their bonus. Additionally, 15 of the top 20 bonus recipients have consented to returning their money. Cuomo said some have refused to return the money, while others are still considering it.

Share This Story