New York — New York Atty. Gen. 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 hoped more AIG employees would 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. "I think they are being responsive to the American people."
Cuomo said nine of the 10 people receiving the largest awards, and 15 of the top 20, have agreed to return their bonuses. 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," spokeswoman Christina Pretto said. She added that the company is continuing to review the responses of the other employees.
Cuomo said he didn't plan to release the names of the employees who agreed to return the bonuses, and said there was no implied threat that he would make public the names of employees who didn't return their bonuses.
He said his office was 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.
