AIG has complied with Andrew Cuomo’s subpoena and turned over the names of the bonus recipients. The NY AG has released a statement about the issue, which you can read inside.
Mr. Cuomo says:
I have received the list of AIG FP employees who received retention payouts. Mr. Liddy testified in Congress yesterday that he intended to comply with our subpoena and expressed concern for employee safety. Mr. Liddy has in fact now complied with the subpoena. We are aware of the security concerns of AIG employees, and we will be sensitive to those issues by doing a risk assessment before releasing any individual’s name. The Attorney General’s Office is a law enforcement agency and is experienced in making these assessments.
As we perform our review, we will simultaneously be working with AIG over the next few days to determine which employees received payments and which chose to return the money they received.
The Attorney General’s Office will responsibly balance the public’s right to know how their tax dollars are spent with individual security, privacy rights, and corporate prerogative.
At this moment, with emotions running high, it is important that we proceed diligently, with care, reflection, and sober judgment.
We thank AIG for their compliance.
Do you think these names should be made public, or it enough that the Attorney General knows who they are?
ATTORNEY GENERAL CUOMO ANNOUNCES SIGNIFICANT DEVELOPMENT RELATED TO AIG [NY AG]
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@Snarkysnake: well said, though I do think working your ass off for a capitalistic system with no guarantee of receiving appropriate compensation for the level of work contributed (and being subject to the whims of a company in general) is much, much less motivating than the concept of socialism.
The AIG FP office is in Wilton, Connecticut, two towns over from where I live. The guy who got the biggest bonus owns a house that I see every day on my drive to work. Many of these names are already out.
That being said, most of the folks who have already been fingered have agreed to give the money back. (See this article from today’s Times.) They are being threatened. Their kids are being threatened. The whole thing is an absolute mess.
Would finding out these names satisfy my curiosity? Sure. Would it do any good? Probably not.
Why do BIG BUSINESSES have to be threatened before they will comply with the law? Oh, I forgot, Bush let them do this for 8 years. Party is over.
The bonus recipients should sue AIG for disclosing their names. This is utter B.S.! The government should NEVER try to regulate compensation except for maintaining a minimum wage. If we allow the government to limit the pay of executives, and limit bonus payouts, they will someday come to the rest of us and tell us that we’re not allowed to earn above a certain limit. Think I’m wrong? Just sit back and watch and remember that I warned you about this on March 20, 2009.
Can you explain to me what it was these executives did that constitutes “bulshitting the system”?
Why are so many people ready to risk harming the families of these executives after hearing oversimplified explanations of what may or may not have happened doled out by the lowest common denominator sources? AIG’s losses stem largely from the decrease in value of securities collateralized by the homes and mortages of Americans. If everyeone lived within their means and paid their mortgages and credit cards on time, this crisis would be much more manageable and require a lot less bailout money. The AIG executives didn;t put a gun to the heads of people to borrow more than they should have.
It’s not their names that are important, what is the name of the person who authorized them? What committee voted to pay these? Of course Joe/Jane Executive isn’t going to return the check, it’s who said “yeah we’re in terrible trouble lets sign these checks instead of announcing bonus cuts”?
Jason Ryan Isaksen
The names should be made public. One of the problems is that Corporations are privet, and so what they do is not transparent. These huge organizations are governments in themselves and hold no real alegence to no one, except in a small way the stockholders. What they do is not transparent, and their only job is to make money. They are beholden to no one and that is why we are in the insane mess now.
Yes, lets release the names and hand them over the hysterically deranged populist mobs that have decided to use AIG as a scapegoat for everything wrong in the world.
Brilliant.
The bonuses need to be taxed 200% and failure to pay those taxes should be punishable with life in prison without parole. The names should be released and these people need to be held accountable. They royally screwed up and if the public want them torn apart it’s their own fault.
can you please explain how they screwed up?