CNN: 73 Execs Got $1 Million+ Retention Bonuses; 11 Still Walked
One executive even got a $6.4 million bonus.
Can you just imagine Elijah Cummings’ reactions to this news?
NEW YORK (CNNMoney.com) — Bailed-out insurer American International Group gave 73 of its employees bonuses of more than $1 million each, according to a letter that New York state Attorney General Andrew Cuomo sent Congress on Tuesday.
In a letter to House Financial Services Committee Chairman Barney Frank, D-Mass., Cuomo said AIG issued $160 million in retention bonuses this year, including one bonus that was as high as $6.4 million.
The top seven recipients received more than $4 million each, and the top 10 got a combined $42 million, according to Cuomo’s letter. In the next tier, 22 AIG employees received a combined $72 million with those bonuses totaling at least $2 million each.
Cuomo also noted in his letter than 11 of the employees who received $1 million bonuses from AIG (AIG, Fortune 500) no longer work for the insurer, including one recipient who took home $4.6 million.
Go on; take the money and run… all the way to the Caymans.
So- what now? Do they get to keep their bonuses? Will AIG finally be carved up as the turkey that it is? What impacts will this have, locally and overseas?
One thing’s for sure- we’re gonna TiVo President Obama’s lil chat with Jay Leno Thursday! Talk about your “Must See TV”…
Earlier today, Sen. Chuck Grassley caused a bit of a stir with these comments:
A prominent U.S. senator gibed that executives of the troubled insurer American International Group Inc might consider suicide, adopting what he called a Japanese approach to taking responsibility for their actions.
Senator Charles Grassley, the top Republican on the Senate Finance Committee, made the comments Monday in an interview with a radio station in his home state of Iowa. “The first thing that would make me feel a little bit better toward them (is) if they follow the Japanese example and come before the American people and take that deep bow and say, I’m sorry, and then either do one of two things: resign or go commit suicide,” Grassley said.
“And in the case of the Japanese,” he added, “they usually commit suicide before they make any apology.”
More below…As you can imagine, THAT went over well!
AIG in a statement said: “The remark is very disappointing, but AIG’s employees continue to work with poise and professionalism; to take care of policyholders and repay taxpayers.”
Grassley’s office did not immediately return a phone call seeking comment. A Grassley spokesman, Casey Mills, told the Associated Press that the senator “doesn’t want U.S. executives” to commit suicide but that executives who “make a mess of their companies should apologize, as Japanese executives do.”