The Mudcat Café TM
Thread #119402   Message #2594072
Posted By: GUEST,heric
21-Mar-09 - 01:40 PM
Thread Name: BS: $100 million bonuses to AIG execs
Subject: RE: BS: $100 million bonuses to AIG execs
-- American International Group Inc., whose compensation policies before and after its U.S. bailout are being investigated, turned over information on its executive bonuses to Connecticut's attorney general, who said the insurer paid out $218 million.

That amount is more than the $165 million in bonuses previously disclosed by the New York-based company. The insurer provided a list of bonus amounts and contract terms to Blumenthal, who said the information supports his view that the basis for paying the bonuses is "completely unjustified," according to a statement he issued yesterday.

"These contracts rip the rug from under AIG's excuses -- revealing no basis under Connecticut law for these mega taxpayer-funded bonuses," Blumenthal said. "AIG's own documents reveal that it turned an emergency bailout into a meritless handout, paying windfalls to employees as reward for financial failure."

Blumenthal said he asked AIG's lawyers to explain the difference in total bonus amounts.