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New York Attorney General Andrew M. Cuomo threatened to publicize the recipients' names, prompting executives at AIG Financial Products to hastily agree to return about $45 million in bonuses by the end of the year.
But as the final days of 2009 tick away, a majority of that money remains unpaid. Only about $19 million has been given back, according to a report by the special inspector general for the government's bailout program.
Originally posted by bigvig316
My whole thing is where does government get off tell you how much you can earn or get for a bonus.
Originally posted by whoshotJR
I don't see how the US will be able to continue at this pace without some type of internal conflict between the classes.
American International Group Inc investigated five executives who threatened to resign over federal pay limits, the Wall Street Journal reported on Wednesday.
The insurer, roughly 80 percent owned by the U.S. government, is looking at whether the executives' actions were proper, the newspaper said, citing people familiar with the matter.
The outcome of the review was not immediately known, the report said.
AIG is on the hook to repay taxpayers more than $80 billion, after disastrous bets on mortgages and other assets brought the insurer to the brink of bankruptcy. The U.S. has authorized more than $180 billion of support for the insurer.
Because of that extraordinary support, U.S. pay czar Kenneth Feinberg has say over how top employees at the bank are compensated.
Feinberg has vowed to limit bonuses at AIG's financial products unit, whose massive payouts earlier this year sparked huge outrage.reuters
Originally posted by thebulldog
The idea that there are bonuses period for a job in which one recieves a slary is rediculous. You do your job and take your money this whole 'bonus' stuff is asinine. If you need a huge monetary incentive to do the job to the best of your ability then you shouldn't have the job in the first place. I can't stand this type of greed or even the fact that businesses have to offer bonuses in the first place. despicable.