It seems it was too much weight on the conscience of those AIG executives who received undeserved bonuses. Or maybe it was the call from New York Attorney General Andrew Cuomo to each of the 20 executives who received the highest rewards that did it.
Either way, 15 of the 20 have paid back their entire bonus. Cuomo stated that approximately $50 million of the $165 million has been returned so far and he expects even more AIG employees will hand over their loot.
Cuomo said he expects to recoup about million, which accounts mostly for the amount paid to American employees. Bonuses paid to non-Americans will be difficult to recoup since it is out of their jurisdiction.
The Treasury Department, citing documents from AIG, said bonuses ranged from $1,000 to nearly $6.5 million for more than 400 employees and future employees.
Seven employees received more than million.
Awards of $1 million or more were paid to 73 employees, including 11 who no longer work there.
“I applaud the employees who are returning their bonuses,” Cuomo stated late yesterday. “I think they are being responsive to the American people.”
Well done Mr. Cuomo, but are the American people satisfied with an expected return of only half of the total amount paid out?