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FACTBOX: AIG in crosshairs over bonus payments
NEW YORK |
NEW YORK (Reuters) - Irate lawmakers are demanding the return of millions of dollars in bonus payments to employees at bailed-out insurer American International Group Inc.
Here are details on the payouts from New York Attorney General Andrew Cuomo in a letter sent to U.S. Rep. Barney Frank, chairman of the House Committee on Financial Services:
* AIG distributed more than $160 million in retention payments to employees at its Financial Products unit, the subsidiary Cuomo says was "principally responsible for the firm's meltdown"
* Cuomo's office has subpoenaed AIG for the names of bonus recipients, and provided the following figures:
* Top AIG bonus recipient received more than $6.4 million
* Top seven bonus recipients received more than $4 million each
* Top 10 bonus recipients received a combined $42 million
* 22 individuals received bonuses of $2 million or more, and combined they received more than $72 million
* 73 people received bonuses of $1 million or more
* 11 recipients of "retention" bonuses of $1 million or more are no longer working at AIG, including one who received $4.6 million
* Employment contracts with AIG bonus recipients had required most individuals' bonuses to be 100 percent of their 2007 bonuses "despite obvious signs that 2008 performance would be disastrous in comparison to the year before."
(Reporting by Martha Graybow, editing by Dave Zimmerman)
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