Did AIG employees who gave their bonuses back do so because it was the right thing to do for the country?
Or maybe because Andrew Cuomo pointed a bazooka at their foreheads.
AIG employees received a memo saying that US Attorney General Andrew Cuomo had promised not to release the names of those who returned the bonuses, according to CNBC’s Michelle Caruso-Cabera.
The memo suggests that Cuomo leveraged fear of public animosity against the bonuses paid to employees at AIG’s Financial Products unit to persuade the bonus recipients to agree to give the money back. The memo came from an AIG executive and asked employees to agree to give back the bonus by 5 p.m. on Monday.
Fifteen of the 20 biggest bonus recipients agreed last night to surrender their bonuses, which means that Cuomo’s hardball tactics seem to have been very effective. The remaining five bonus recipients may be foreign nationals working outside of the US, putting them out of reach of US regulators.
If you’ve got a copy of the AIG memo, send it our way please. Email [email protected] We promise we’ll keep your identity secret.