Documents turned over late Friday show AIG paid $218 million in bonuses last weekend, higher than the $165 million that was previously disclosed, said the office of Attorney General Richard Blumenthal, who had issued a subpoena.
Bonuses were “showered like confetti” on AIG employees, Blumenthal said.
AIG had previously disclosed that the company was contractually obligated to pay a total of about $165 million of previously awarded “retention pay” to employees in the financial products unit, based in Connecticut, by March 15. It said another $55 million in retention pay had already been distributed to about 400 AIG Financial Products employees.
That total of $220 million is about $2 million more than the figure disclosed Friday, and Blumenthal said he was seeking clarification from the company on whether the new papers differ from what was previously reported. Read More
AIG Sues Taxpayers for $306 Million
A.I.G. sued the government last month in a bid to force it to return $306 million in tax payments, which stemmed in large part from its use of aggressive tax deals, some involving entities controlled by the company’s financial products unit in the Cayman Islands, Ireland, the Dutch Antilles and other offshore havens.
Why isn’t The White House and the Congress being investigated? The protestors need to be going after Obama and Chris Dodd along with others in Congress instead of AIG, it was them that OK the money to be given in the first place!