N.Y. Attorney General Goes After AIG

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N.Y. Attorney General Goes After AIG

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It would seem imprudent, given the government’s recent and unprecedented bailout of companies such as insurance giant AIG, for the likes of AIG to even entertain the idea of hefty executive payouts—but clearly, prudence isn’t a highly valued quality on Wall Street of late. Enter New York State Attorney General Andrew M. Cuomo.

The New York Times:

American International Group agreed Thursday to help the New York State attorney general’s office recover tens of millions of dollars in improper expenditures, including compensation given to two former top executives.

A.I.G. also agreed to cancel a $10 million severance package for its former chief financial officer, Steven J. Bensinger. He was replaced on Thursday by the giant insurance company’s comptroller, David L. Herzog.

The agreement came a day after Attorney General Andrew M. Cuomo assailed A.I.G. for making “unwarranted and outrageous expenditures” that he said violated New York law and that he called particularly “irresponsible and damaging” in light of the federal government’s $123 billion rescue of the company.

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TAGS: aig andrew cuomo attorney general bailout compensation executive golden parachute insurance new york paulson payout wall street

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By hippy pam, October 17, 2008 at 10:29 am Link to this comment

SOooooo….AIG went belly up-Got BIG $$$$BUCKS$$$$ from the gubmint-went to the SPA,spent BIG $$$BUCKS$$-Asked for more BIG $$$BUCKS$$$-took another vacation,spent BIG $$$BUCKS$$$......WHEN ARE WE-THE PEOPLE- GONNA PUT OUR FEET[both of them-all of us] DOWN AND STOP ALLOWING THIS HAPPY CRAP TO CONTINUE?????WE NEED TO INSIST TO OUR STATE ELECTED OFFICIALS that WE WILL NOT KEEP THEM IN POWER POSITIONS IF THEY DO NOT PUT A STOP TO THESE MIS-USES OF OUR-YES OUR-$$$$TAX$$$$$MONEY$$$......

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By GW=MCHammered, October 17, 2008 at 5:16 am Link to this comment
(Unregistered commenter)

Although Cuomo’s been accused of un-policed policies that aided Fannie and Freddie plunge into the subprime markets, it’s about time someone with a badge stood up to these crooks. Kudos Cuomo! Let’s hope there’s an avalanche of justice coming.

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By Jim Yell, October 17, 2008 at 5:10 am Link to this comment
(Unregistered commenter)

The narcisstic behavior of AIG and I shouldn’t wish to leave out all the other people who have taken huge amounts of cash for this chicanary is past belief.

We can only hope that some restitution from all of these corporate heads and other executives is required and maybe some prison and hard time wouldn’t be a bad idea either.

If what they did wasn’t unlawful than it was because they bought the law they wanted and that is surely supposed to be a crime, not only theirs but the bastard who traded upon the public trust.

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