AIG boss questioned about bonuses

(AP) - The head of battered insurance giant AIG told Congress on Wednesday that "we've heard the American people loudly and clearly" in their rage over executive bonuses, and he appealed to employees

News 12 Staff

Mar 18, 2009, 9:56 PM

Updated 5,529 days ago

Share:

AIG boss questioned about bonuses
(AP) - The head of battered insurance giant AIG told Congress on Wednesday that "we've heard the American people loudly and clearly" in their rage over executive bonuses, and he appealed to employees to return at least half the money.
Testifying under oath at a congressional hearing as intense as any in recent memory, Edward Liddy said some workers already have stepped forward to give money back.
The company became the target of a political firestorm after the disclosure over the weekend that it had paid $165 million in "retention bonuses" to its employees at the same time it was accepting bailout funds from U.S. taxpayers. Some of the payments were made to the same traders and executives whose risky financial behavior caused the company's near collapse.
Liddy told a House Financial Services subcommittee that, while the bonuses were a legal obligation of the company that is now 80 percent owned by the federal government, he had "asked those who have received retention payments in excess of $100,000 or more to return at least half of those payments. Some have already stepped up and returned" 100 percent.
He provided no further details.
Fed Chairman Ben Bernanke has been publicly critical of the bonuses, as have President Barack Obama, Treasury Secretary Tim Geithner and congressional leaders from both parties.


More from News 12
1:48
Police: Man pulled from Ossining house fire dies at hospital

Police: Man pulled from Ossining house fire dies at hospital

2:16
STORM WATCH: Showers, isolated thunderstorms during Wednesday morning commute

STORM WATCH: Showers, isolated thunderstorms during Wednesday morning commute

1:58
Officials mull traffic safety projects following 5th child struck by car in 5 months in Rockland neighborhood

Officials mull traffic safety projects following 5th child struck by car in 5 months in Rockland neighborhood

0:36
Reports: Body of missing Army National Guard sergeant found

Reports: Body of missing Army National Guard sergeant found

0:25
Pine Bush man pleads guilty to aggravated vehicular assault that left teen paralyzed

Pine Bush man pleads guilty to aggravated vehicular assault that left teen paralyzed

0:39
Westchester County Health Department to inspect 235 children’s camps ahead of summer

Westchester County Health Department to inspect 235 children’s camps ahead of summer

0:24
Mount Vernon launches new grant program for small businesses

Mount Vernon launches new grant program for small businesses

0:39
 ‘Melanie’s Law’ passes state Senate, heads for final approval

‘Melanie’s Law’ passes state Senate, heads for final approval

0:29
Attorney General James sues local clinics for abortion-reversal claims

Attorney General James sues local clinics for abortion-reversal claims

0:20
East Ramapo parents rally for school reform

East Ramapo parents rally for school reform

0:50
Headlines: Brewster police mourn death of officer, Newburgh man sentenced for rape, Westchester man arrested for larceny

Headlines: Brewster police mourn death of officer, Newburgh man sentenced for rape, Westchester man arrested for larceny

1:56
Ceremony held to mark Holocaust Remembrance Day in White Plains

Ceremony held to mark Holocaust Remembrance Day in White Plains

1:42
24-year-old double organ transplant recipient hosts blood drive in Pomona

24-year-old double organ transplant recipient hosts blood drive in Pomona

1:49
SUNY Purchase faculty and students want disciplinary action against protesters dropped

SUNY Purchase faculty and students want disciplinary action against protesters dropped

0:50
Orange County cracks down on drivers who illegally pass school buses with cameras

Orange County cracks down on drivers who illegally pass school buses with cameras

1:36
‘Very best’ of PD: City of Newburgh promotes longtime lieutenant to chief

‘Very best’ of PD: City of Newburgh promotes longtime lieutenant to chief

0:23
State police work to ID body that washed ashore in Poughkeepsie

State police work to ID body that washed ashore in Poughkeepsie

1:01
Tuckahoe Village Board hears Ward House appeal

Tuckahoe Village Board hears Ward House appeal

0:35
Rockland DA: 23-year-old man indicted in New City driveway stabbing

Rockland DA: 23-year-old man indicted in New City driveway stabbing

1:11
SUNY Purchase creates ‘protest zone’ following encampment break up by police

SUNY Purchase creates ‘protest zone’ following encampment break up by police