AIG executives in London 'hold out in bonus assault'

Source: UK Times Online

Senior London-based executives at American International Group (AIG) are among those understood to be holding out against returning their bonuses.

Andrew Cuomo, the New York attorney-general, is investigating whether AIG bonuses were paid fraudulently under New York law. His aides have confirmed to The Times that many, if not all, of those who have held on to their bonuses are based in London, where AIG’s financial products division has been held responsible for a large portion of the insurer’s spectacular losses.

AIG was under fresh pressure yesterday to reveal the names of the individuals who have not returned their bonuses after Richard Blumenthal, the Connecticut attorney-general, subpoenaed 14 present and former executives. Mr Blumenthal expressed “deep concern and frustration” over AIG’s “lack of cooperation” in his investigation into its compensation and bonus practices in a letter sent to the insurer’s lawyers.

His office did not name those executives being subpoenaed, but said that they would be required to testify at a hearing in Hartford, Connecticut, tomorrow.

Read more: http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5971017.ece

A governmentally bailed out company with British nationals taking taxpayer subsidized bonuses.

Andrew Jackson would be mortified.

Some might be US citizens. Others are probably nationals of other EU countries and some from non-EU countries who are working in London.

London was the center of AIG Financial Products trading in derivatives such as Credit Default Swaps.

The employees in Connecticut AIG FP dealt in more ordinary options and futures contracts.

Fight on, fun fellas!

economic collapse involving trillions upon trillions of dollars. Guess which problem everyone prefers to focus on.

Maybe people might see that REGUALATION is the way to reform business, not using the IRS as a weapon, or begging for money legally given to be given back becuase "we helped you out!!"

If we'd have taken the comapny over we'd have been in a much better position to fix this stuff.

It'll turn out that these bounuses were perfectly legal, and quite common, so maybe we'll change the law now???? Maybe we'll add oversight???? Maybe we'll nationalize them??

(I doubt it. It's the same argument that the Republicans have made against welfare "Um, there's this one lady who kept having kids so she could buy a Cadillac." And guess what - we got rid of welfare.)