Halting payments is the least AIG can do considering the life line they received. There is no reason to continue paying out millions to failures for failing. Why Wall Street is still on target to dish out $70 BILLION in 2008 bonus money when they need taxpayers to keep them afloat is another mystery and I sure hope that Congress decides to locate a spine and take action. Maybe Cuomo can come down to Washington and show everyone what a spine looks like.
New York Attorney General Andrew Cuomo says American International Group, which is being supported by a federal bailout, has agreed to freeze millions of dollars in compensation and bonuses for former executives.
In a letter to Wednesday to AIG's new chairman, Edward Liddy, Cuomo writes that based on his office's review of company documents, the insurance and finance giant has agreed to stop any payments under former chief executive Martin Sullivan's $19 million pay package.
Also, AIG confirmed that no payments will be made from the $600 million compensation and bonus pools of the company's Financial Products subsidiary, including $162 million in AIG shares awarded through options to the subsidiary's six top executives. The unit was the main source of the troubled insurer's financial problems.
Main & gay blog