New information about the company sparks more outrage.
Wired PR News – New information has added to the controversy surrounding the practices of insurance giant American International Group (AIG). As reported by the Associated Press (AP), New York Attorney General Andrew Cuomo stated Tuesday that AIG had given 73 employees, 11 of whom no longer worked for the company, $1 million or more in bonuses each.
Cuomo is quoted as stating in the report that information subpoenaed from the company showed that AIG had guaranteed employees bonuses “despite obvious signs that 2008 performance would be disastrous in comparison to the year before.” He is further quoted as including in a letter to Rep. Barney Frank on Tuesday, “AIG also claims that retention of individuals at Financial Products was vital to unwinding the subsidiary’s business,” but refused to provide information necessary to test their claim. The Attorney General is noted to have requested the issue be addressed Wednesday in a House Committee on Financial Services hearing.
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