NY AG Cuomo is demanding a list of bonus recipients and amounts by 4pm today

[Bozita]

Heard on CNN. Christine Romans said it.

[tridim]

1. Wow, this thing is exploding fast

In the old (Bush) days this would NEVER happen. Even the suggestion would be ignored.

[Donnachaidh]

2. so what can he do if they blow him off?

I want to know that there is REAL consequences rolling out for these assholes, not just some potential PR points for the people yelling about it.

[Bozita]

3. NYT update ...

http://dealbook.blogs.nytimes.com/2009/03/16/cuomo-seeks-aig-bonus-information/

Cuomo Seeks A.I.G. Bonus Information
MARCH 16, 2009, 12:52 PM


Attorney General Andrew M. Cuomo of New York on Monday sent a letter to the American International Group, demanding more information about the employees who are set to receive about $165 million in bonus payments.

Mr. Cuomo’s letter, demanding the information by 4 p.m. on Monday under threat of subpoena, is the latest instance of outrage by a public official regarding the plan. At a speech before small business owners Monday afternoon, President Obama said he is asking the Treasury Department to pursue “every single legal avenue to block” the bonuses.

A.I.G. has said that the payments, to employees at the financial products unit responsible for billions of dollars in losses, are bound by contracts. Government advisers like Lawrence H. Summers of the National Economic Council had also said that their hands are tied.

In his letter, sent to Edward M. Liddy, A.I.G.’s government-appointed chief executive, Mr. Cuomo said that he has investigated the insurance company’s compensation plan since last fall. The attorney general is seeking the list of employees who will receive these bonuses, as well as their job information and performances. Mr. Cuomo said that the company had failed to heed a previous request for this list.

He is also demanding the contracts guaranteeing these bonuses and the names of individuals who developed and negotiated the agreements.

“Taxpayers of this country are now supporting A.I.G., and they deserve at the very least to
know how their money is being spent,” he wrote in the letter. “And we owe it to the taxpayers to take every possible action to stop unwarranted bonus payments to those who caused the AIG meltdown in the first place. ”

more...

[babylonsister]

4. Rec'd. Cuomo To AIG: Give Up Bonus Data-here's Cuomo's letter...

http://www.thealbanyproject.com/showDiary.do?diaryId=6014


This belongs to you. Take it back...

Andrew Cuomo To AIG: Provide Bonus Info By 4PM Today, Or It's Subpoena Time
by: phillip anderson
Mon Mar 16, 2009 at 13:03:04 PM EDT

Our Attorney General writes a letter and it sounds like he means business.

Dear Mr. Liddy:

The Office of the New York Attorney General has been investigating compensation arrangements at AIG since last Fall. We were disturbed to learn over the weekend of AIG's plans to pay millions of dollars to members of the Financial Products subsidiary through its Financial Products Retention Plan. Financial Products was, of course, the division of AIG that led to its meltdown and the huge infusion of taxpayer funds to save the firm. Previously, AIG had agreed at our request to make no payments out of its $600 million Financial Products deferred compensation pool.

We have requested the list of individuals who are to receive payments under this retention plan, as well as their positions at the firm, and it is surprising that you have yet to provide this information. Covering up the details of these payments breeds further cynicism and distrust in our already shaken financial system.

In addition, we also now request a description of each individual's job description and performance at AIG Financial Products. Please also provide whatever contracts you now claim obligate you to make these payments. Moreover, you should immediately provide us with a list of who negotiated these contracts and who developed this retention plan so we can begin to investigate the circumstances surrounding these questionable bonus arrangements. Finally, we demand an immediate status report as to whether the payments under the retention plan have been made.

We need this information immediately in order to investigate and determine: (l) whether any of the individuals receiving such payments were involved in the conduct that led to AIG's demise and subsequent bailout; (2) whether, as you claim, such individuals are truly required to unwind AIG Financial Product's positions; (3) whether such contracts may be unenforceable for
fraud or other reasons; and (4) whether any of the retention payments may be considered fraudulent conveyances under New York law.

Taxpayers of this country are now supporting AIG, and they deserve at the very least to know how their money is being spent. And we owe it to the taxpayers to take every possible action to stop unwarranted bonus payments to those who caused the AIG meltdown in the first place.

If you do not provide this information by 4:00 p.m. today, we will issue subpoenas and seek, if necessary, to enforce compliance in court.

Andrew M. Cuomo

Attorney General of the State of New York

Good on Mr. Cuomo. Enough is enough.

[RiverStone]

5. Finally, a public official with the balls to hold these greedy fucks accountable!

I'll second your good with a great - GREAT on Mr. Cuomo for doing something rather than wimply saying our hands are tied.

[babylonsister]

6. He's been going after Merrill Lynch for awhile, so this letter to AIG

appears to be a different investigation. I'm getting really confused how many suits and threats are out there. :crazy:

[CTyankee]

7. Mr. Summers, please take note. n/t