AIG Execs’ Bonuses Returned Via Extortion
Apparently, those AIG executives returned their bonuses because New York Attorney General Cuomo threatened to release their names to the angry populist mobs.
An email from the head of a controversial unit at AIG suggests employees who gave up their bonuses did not do so voluntarily, but feared their names would be released if they did not.
The email, obtained by CNBC, states the following: “Please be aware that we have received assurances from Attorney General Cuomo that no names will be released by his office before he completes a security review which is expected to take at least a week. To the extent that we meet certain participation targets, it is not expected that the names would be released, at all.”
The email, dated Friday March 20th, is from Gerard Pasciucco, the individual hired by AIG CEO Edward Liddy to wind down the controversial Financial Products division — the division which caused the near collapse of the global financial system — and was sent to employees of that division.
CNBC has confirmed the authenticity of the email contents, which also was reported by the Washington Post. An AIG spokesperson declined to comment. The attorney general’s office declined to comment.
(Hat tip: karmic_inquisitor.)
Frank says: