Wednesday, March 25, 2009

Oil trades around US$54 on stock market rally

New York Attorney General Andrew Cuomo said Monday that 15 employees who received some of the largest bonuses from American International Group Inc. have agreed to return the money in full.

The commitments amount to more than $30 million of the $165 million in bonuses awarded earlier this month by the troubled insurer.

Cuomo said he still hopes that more AIG employees will return their bonuses.

He expects his office will be able to recoup about $80 million of the money the insurer paid out - roughly the amount of bonuses paid to American employees.

AIG Chief Executive Edward Liddy told Congress last week that some of the employees were willing to give the money back.

AIG has come under heavy criticism because the bonuses were given to employees after the company received $170 billion in government bailout money.

Cuomo had sought the names of the employees who received bonuses from Liddy through a subpoena.

"I applaud the employees who are returning the bonuses," Cuomo said during a conference call with reporters.

"I think they are being responsive to the American people."

Cuomo said 9 of the 10 people receiving the largest awards have agreed to return their bonus.

Additionally, 15 of the top 20 bonus recipients have consented to returning their money.

Cuomo said some have refused to return the money, while others are still considering it.

"We are deeply gratified that a vast majority of Financial Products' senior leadership have expressed a willingness to forsake their recent retention payments," wrote spokeswoman Christina Pretto in a statement e-mailed to The Associated Press.

She added that the company is continuing to review the responses of the other employees. Cuomo said he doesn't plan to release the names of the employees who have agreed to return the bonuses, and said there is no implied threat that if an employee doesn't consent to returning the bonus that their name will be released.

He said his office is continuing to assess the security of the employees.

About 400 employees and future employees in AIG's financial products division received bonuses.

Documents provided by AIG to the Treasury Department said the awards ranged from $1,000 to nearly $6.5 million.

Seven employees were to receive more than $3 million.

Last week Cuomo said AIG paid bonuses of $1 million or more to 73 employees, including 11 who no longer work there.

Separately, Connecticut's consumer protection division has subpoenaed AIG, demanding that the contracts and names of employees who received the bonuses be provided by March 27.

Gov. M. Jodi Rell has said she wants the division to determine whether the bonuses can be voided under the Connecticut Unfair Trade Practices Act.

AIG's financial products division is headquartered in Wilton, Connecticut.

Connecticut Attorney General Richard Blumenthal says his office also demanded the bonus recipients' names and the amounts.

Last week, the House passed a plan to slap a punitive, 90 percent tax on bonuses paid to AIG employees whose family income surpasses $250,000.

Not all of the AIG employees earned more than the income threshold specified by the House bill.

But President Obama has signaled opposition to the House's tax bill on constitutional grounds.

The Senate is soon expected to take up its own plan on the tax. - AP

Latest NYSE, NASDAQ and other business news, from AP-Wire


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