New York Attorney General Andrew Cuomo has issued a subpoena to American International Group Inc. seeking a list with the names of executives receiving bonuses."We had given AGI up to 4 o'clock today to provide the information on the latest round of bonuses that they paid out," Cuomo said. "Four o'clock has come and gone."
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The attorney general said AIG had previously promised to make no payments out of AIG’s $600 million Financial Products deferred compensation pool.
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Cuomo said he wants a list of those who received payments under the retention plan, their positions, job descriptions and performance at AIG Financial Products.
In a letter to Geithner, obtained Saturday by CNN, AIG Chairman and CEO Edward Liddy said his company was taking steps to limit compensation in AIG Financial Products -- the British-based unit responsible for issuing the risky credit default swaps that have brought the company to the brink of collapse.In the letter to Geithner, Liddy said the unit's 25 highest-paid contract employees will reduce their salaries to $1 this year
So they'll be getting overpaid by the amount of their bonuses, plus $1.
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