Monday, March 23, 2009

AIG: Shamed or Scared for being called out

Scared for having their names out there, for everyone to read. Fear more than shame is the reason these AIG folks are giving their bonus money back.

I have to hat tip, NY Attorney General Andrew Cuomo for being all over AIG, like white on rice to give those bonuses back. AIG did not know what hit them when Cuomo went after them, as he is pursuing Citigroup. But don't think that folks, everyday joes and josettas, out there protesting in front of these bonus recipients homes did not intimidate them, it did. Heck it would worry me.

A busload of activists representing working- and middle-class families paid visits Saturday to the lavish homes of American International Group executives to protest the tens of millions of dollars in bonuses awarded by the struggling insurance company after it received a massive federal bailout.

So far 15 of the 20 largest bonuses have been returned, but of course when money is involved EVERYONE is not going to be on the shame train.
Fifteen of the largest 20 bonuses distributed by AIG, totaling about $30 million of their payments, have been returned, according to New York Attorney General Andrew Cuomo.

Some of the bonus recipients have refused to give back the payments, others have been unable to be contacted, and other holdouts are still deliberating while they consider the tax ramifications, Cuomo told reporters during a conference call.

And Cuomo played hardball with these AIG folks, he was like Vito Corleone, if they don't want to be on the name revealing list give the money back. And who in their right mind want their name revealed for getting one of those AIG bonuses after you were part of almost destroying this country's financial system?
Though he denied any implicit threat, Cuomo seemed to reveal his negotiation tactics by emphasizing that those who return the money "will no longer be on a list that would ever be revealed."

Governor Patterson is going to have a hard primary next year.


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