(Reuters) - Fifteen of the top 20 bonus recipients at American International Group Inc have agreed to give back their bonuses, according to New York state’s top legal officer, who is probing executive pay at the troubled insurance giant bailed out by the U.S. government.
New York Attorney General Andrew Cuomo told reporters on a Monday conference call that he hopes to recoup $80 million of bonus payments made by AIG to Americans, or about half of the $165 million in bonuses paid by the company on March 15.
Here are details on the payouts:
* 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 subpoenaed AIG for the names of bonus recipients, and the company turned over the details last week.
* The U.S. House of Representatives has passed a bill that would impose a 90 percent tax on the bonuses. An alternative Senate bill would impose a 70 percent excise tax on the bonuses.
* Cuomo’s office provided the following figures:
* The 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.
Reporting by Martha Graybow, editing by Dave Zimmerman