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View Full Version : Cuomo cracks down on AIG

watermock
10-23-2008, 12:59 AM
Cuomo: AIG will freeze some pay to former execs
Posted 12h 2m ago | Comments12 | Recommend5 E-mail | Save | Print |




Yahoo! Buzz Digg Newsvine Reddit FacebookWhat's this?ALBANY, N.Y. (AP) — New York Attorney General Andrew Cuomo says American International Group, which is being supported by a federal bailout, has agreed to freeze millions of dollars in compensation and bonuses for former executives.
In a letter to Wednesday to AIG's new chairman, Edward Liddy, Cuomo writes that based on his office's review of company documents, the insurance and finance giant has agreed to stop any payments under former chief executive Martin Sullivan's $19 million pay package.

Also, AIG confirmed that no payments will be made from the $600 million compensation and bonus pools of the company's Financial Products subsidiary, including $162 million in AIG shares awarded through options to the subsidiary's six top executives.

FIND MORE STORIES IN: American Intl. Group | International Group | Cuomo | Martin Sullivan | Edward Liddy
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http://www.usatoday.com/money/industries/insurance/2008-10-22-cuomo-aig-pay-freze_N.htm
Garcia Bronco
10-23-2008, 06:30 AM
I can't believe I am going to say this, but good work NY AG. Spitzer went after "Big Insurance" and they still got by.
kappys
10-23-2008, 07:21 AM
Wow. I am shocked but very encouraged by this news. Its time to let these guys know that they aren't just going to get away with everything they want. This isn't pre-revolutionary France, time to pay the piper.
Dudeskey
10-23-2008, 10:00 AM
I can't believe I am going to say this, but good work NY AG. Spitzer went after "Big Insurance" and they still got by.

you know, he probably would've been able to pursue even further if he wasn't doinking hookers. Unfortunately this was a perfect means to get him discredited & shut him up. I wonder if he'd still be NY's governor had he not tried to go after these people...™
NYBronco
10-23-2008, 01:58 PM
It amazes me an action like this had to come from the NY AG.
Bronco Yoda
10-23-2008, 01:59 PM
it's a start.
Garcia Bronco
10-23-2008, 02:04 PM
It amazes me an action like this had to come from the NY AG.

The NY AG does much of this stuff.
NYBronco
10-23-2008, 04:10 PM
The NY AG does much of this stuff.

Seems backward that an outside force has to tell these over paid corporate greed factories that their compensation and bonus' will be frozen as the companies they represent crumble around them. Where I work if my projects were to fail at such an astronomical rate I would be out the door... no bonus even considered let alone frozen.