AIG Executives Give Back $50 Million

Executives for AIG who came under fire for receiving in excess of $160 million in bonuses despite the fact that the company was bailed out by taxpayers have agreed to give back approximately $50 million in bonuses. Making the announcement was Andrew Cuomo, the Attorney General for the state of New York. Earlier in the month, Cuomo subpoenaed to get the names of the AIG executives who were receiving the bonuses.

Andrew Cuomo Takes Back AIG Bonuses (Image: Newcom)

In total, multiple reports indicate that more than 350 AIG employees were given bonuses. More than six dozen of those employees received a bonus of at least $1 million. The largest bonus was reportedly worth nearly $7 million.

Cuomo also went on record to state that the most money that could be expected to be returned is approximately $80 million. Although Congress passed a bill that would impose a 90% tax on the AIG bonuses, President Barack Obama isn’t expected to sign that bill into law.

Going forward, Obama’s administration has stated that they will not stand for excessive bonuses being paid out by companies that have required bailout funding.