Where the AIG Money Went

BONUS-GATE

Updated Apr. 25, 2017 3:59PM EDT / Published Mar. 17, 2009 9:52AM EDT

New York Attorney General Andrew Cuomo has uncovered some cold, hard facts about AIG's much-criticized bonus program. Turns out that 73 employees, including 11 no longer affiliated with the insurance giant, received bonuses of $1 million or more after the government bailed the firm out. Cuomo released the findings today after issuing a subpoena yesterday. "He says contracts written in March 2008 guaranteed employees 100% of their 2007 pay for 2008, regardless of their performance," the Wall Street Journal reports. Outraged Democrats in the Senate have proposed a 91% "excise tax" on the AIG bonuses to get around the legal rules of rescinding them entirely.

Read it at The Wall Street Journal

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Where the AIG Money Went