BREAKING: NYAG Cuomo Subpoenas AIG
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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In the letter to AIG’s CEO Edward Liddy, Cuomo said he was disturbed to learn over the weekend of AIG’s plans to pay millions of dollars to members of the Financial Products subsidiary through it’s Financial Products Retention Plan.
President Obama has said he wants every legal angle pursued in stopping these bonuses from going out—do you think he had this in mind?
And, as noted by Jane, Treasury Secretary Tim Geithner was involved in negotiating the size and scope of the FP bonus package—might Cuomo want to talk with him, as well?