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Cuomo Joins Fight Against AIG Bonuses, Delivers Subpoenas

UPDATED: Cuomo says on CNBC that subpoenas "are heading out the door right now."

New York State Attorney General Andrew Cuomo sent a letter today to AIG chief executive Edward Liddy demanding a great deal of information about the most recent bonuses AIG is granting.

Cuomo demands:

-- A list of each bonus recipient's job and performance in the job.

-- A list of those who negotiated the bonuses.

-- An immediate status report on whether the bonuses have been paid.

Previously, Cuomo had asked AIG for the names of those who have gotten bonuses, which he said he has yet to receive.

"Covering up the details of these payments breeds further cynicism and distrust in our already shaken financial system," Cuomo writes.

Cuomo writes that if he doesn't get what he wants by 4 p.m. today, he will seek subpoenas for the information.

Read Cuomo's entire letter here.

-- Frank Ahrens
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By Frank Ahrens  |  March 16, 2009; 4:51 PM ET
Categories:  The Ticker  | Tags: AIG, Andrew Cuomo, Edward Liddy  
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Comments

Thank you Andrew Cuomo!! Good luck! Send out those subpoenas!!

Posted by: cashmere1 | March 16, 2009 2:38 PM | Report abuse

One wonders in these types of cases why is it Cuomo doing the work of the US AG?

Posted by: kidvid | March 16, 2009 2:50 PM | Report abuse

God for Cuomo! Go get these leeches!

Posted by: Gatsby1 | March 16, 2009 4:05 PM | Report abuse

Andrew Cuomo’s integrity is questioned. Complaints regarding personal and public safety remain open. Mr. Cuomo’s office and for political/personal gains engaged in cover ups when NYPD demanded a bribe when asked to investigate biased food contamination accruing at a “well connected” supermarket catering to thousands of people. Hate crime threats to murder children and women received the same treatment. What’s more, even when authorities, including the AG’s office were informed that production of fake ID’s is taking place at that supermarket; no one did anything about it. To state that "Covering up the details of these payments breeds further cynicism and distrust in our already shaken financial system," is an understatement due to NYS AG’s office actions in the same type of cover ups, and the difference is that his office covered up national security and personal safety issues. Let’s be real.

Posted by: Shanan1 | March 16, 2009 4:29 PM | Report abuse

It is none of your business Cuomo!!! You are nothing but a Obama wannabe!!
These are not NY State funds we are talking about and a privately owned company!! You Dems are so pathetic!!

Posted by: dkidwell61 | March 16, 2009 6:27 PM | Report abuse

Imagine if that list of names were to be made public. Torches and pitchforks in the streets! Tar! Feathers!

Posted by: Rivery | March 16, 2009 6:32 PM | Report abuse

Mr. Cuomo is plainly seeking to determine whether white collar crimes have been committed. He can and should examine these records, and has the legal right and responsibility to do so.

Posted by: rwheeler1 | March 16, 2009 6:55 PM | Report abuse

The dude wants to be the next Eliot Spitzer and run for President. I've never seen a bigger shake-down artist in my entire life.

Mr. Cuomo, take your subpoenas and stick it. Build you case elswhere and quit spending our money to support building a case that isn't there. Therefore, we plead the fifth amendment.

Posted by: Computer_Forensics_Expert_Computer_Expert_Witness | March 16, 2009 6:58 PM | Report abuse

If Andrew Cuomo goes after Wall Street's ill-gotten uber-wealth with integrity (rather than with the self-interest he often seems to be promoting), he has a future in high office. Good Luck Andrew.

Posted by: farhorizons | March 16, 2009 6:59 PM | Report abuse

Perhaps in the eyes of free market theorists and practitioners, innovation will be stifled if government goes after the companies that funnel the bailout money for bonuses.

But then it is a bit odd to see a country that advocates capital punishment for high crimes would let go the capital market swindlers go free. Therein lies the rub. Unless America wakes up to some serious regulation of the corporations, they will be free to have their haven elsewhere.

Let the world know that America is serious about setting right the financial mess for generations to come not to be dismantled by whether republicans or democrats or independents rule the country.

Posted by: mouli_7982 | March 16, 2009 7:07 PM | Report abuse

>>It is none of your business Cuomo!!! You are nothing but a Obama wannabe!!
These are not NY State funds we are talking about and a privately owned company!! You Dems are so pathetic!!<<

AIG is no longer a privately owned company. By accepting the nearly 160 billion dollars from the U.S. Treasury AIG is now owned by the American public.

Posted by: jasindc1 | March 16, 2009 7:29 PM | Report abuse

Cuomo's fight against AIG is like that Arizona's sherrif fight against illegal immigration. Until the fed government decides to do it's job all the Cuomo's in world won't make a damn bit of difference.

Posted by: Frigistan | March 16, 2009 7:31 PM | Report abuse

Go Andrew! Throw the book at them! When you get that list of bonus recipients post it on the State of New York's website.

Also give their names, contact info and amount of their bonus to every reputable charity and not-for-profit in New York so they can frequently contact them to ask them to share their ill-gotten gains with charities that are helping those suffering from this recession.

Bonuses are meant to be paid to employees of companies that have met or exceeded expectations. Since AIG has lost money and has had to turn to the taxpayer-so there is no justification for paying out bonuses. AIG's justification for these bonuses is bogus. Why are they worrying about retention? We're in the middle of a recession, so where are these employees going to go? And even if they do go, I'm sure there are employees from companies such as Lehman Brothers who would be all too happy to take their place.

Posted by: laSerenissima2003 | March 16, 2009 7:57 PM | Report abuse

When a government tells companies how to run their own businesses...that's the end of an era...beginning of a dark age.

Posted by: Sapiando | March 16, 2009 8:58 PM | Report abuse

Wow...finally, someone is doing something to help stop all the fraud that has nearly caused our entire economy to collape.

Americans want accountability!!!!! I love how Obama and Coumo are going after them. God knows the REPUBLICANS won't!

The Repulicans are useless when it comes to responsibility.

Posted by: tbenn1021 | March 16, 2009 9:51 PM | Report abuse

What an idiot. He wants the names of employees to whom the managers and board of directors authorized payments?
The beef should be with he managers and board, you dumbass, not the employees. Cuomo is about as screwy as his old man. Contemptible.

Posted by: LarryG62 | March 16, 2009 9:52 PM | Report abuse

By the way...post the names, take them to court, get the bonuses back...tack the fraud charges on those responsible (and you can tar and feather them while you're at it!)

Posted by: tbenn1021 | March 16, 2009 9:54 PM | Report abuse

Outrage is the name of the game, and all the political wolves see the lame deer separated from the herd. For Cuomo to jump in now is blatant pandering. Why didn't the coward use his bully-pulpit a year ago to do this?

Posted by: pgr88 | March 16, 2009 10:19 PM | Report abuse

So far, assuming AIG doesn't need anything more, the bailout math works out to about $500.00 per US citizen. And, we have jerks (dkidwell61,jasindc1, Sapiando) posting that is none of Cuomo's or anyone else's business. What a pathetic bunch of idiots. And AIG worried about their "talent" leaving for their competitors - what an even bigger joke.

Posted by: 1firstray | March 17, 2009 12:59 AM | Report abuse

1firstray, I suggest you read my comment again. I never ever said it was't any busines of Cuomo to look into the bonus situation. My point was that AIG is not a private company. It is owned by the American tax payer and so Cuomo has every right to look into the bonuses since we own the company.

As to going forward my suggestion is AIG doesn't receive another dime of tax payers' money.

Posted by: jasindc1 | March 17, 2009 6:32 AM | Report abuse

They have known about these bonuses for months. Its just a smoke screen to deflect the news of how the bailouts and stimulus are not helping the economy.

Posted by: lindenwebber | March 17, 2009 2:02 PM | Report abuse

The comments to this entry are closed.

 
 
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