• BREAKING NEWS ABC shows live and on-demand -- Download the WATCH ABC app!

Some AIG execs agree to return bonuses

March 24, 2009 12:00:00 AM PDT
AIG executives have agreed to repay at least $50 million of the $165 million in bonuses that triggered widespread outrage among the public and on Capitol Hill. The bonuses were handed out after AIG received $170 billion in government bailout funds. New York state Attorney General Andrew Cuomo said on Monday that 15 employees who received some of the largest bonuses have agreed to return the money, worth more than $30 million.

Cuomo hopes to recoup $80 million. He said the rest of the bonuses were awarded to employees in other countries who are outside of U.S. jurisdiction.

Cuomo added that some of the employees he contacted have refused to return the money, while others are still considering it.

AIG documents show that approximately 400 people received the bonuses, ranging from $1,000 to nearly $6.5 million.

Last week, the House passed a bill to place a punitive 90-percent tax on bonuses to AIG employees whose family income is greater than $250,000. The Senate delayed its action on taxing the bonuses, after President Obama expressed reservations about the idea. Obama doubted that a punitive tax would be constitutional.


MORE L.A. BREAKING NEWS, WEATHER, TRAFFIC, SPORTS

USEFUL LINKS:
SEND TIP || REPORT TYPO || TWEET @abc7 ||  WIDGET


Load Comments