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Business

AIG to return half of bonuses, dismantle in four years

Video by Guillaume MEYER

Latest update : 2009-03-19

AIG head Edward Liddy said before the US House of Representatives that he asked his employees to "step up and do the right thing" by returning at least half of bonus payments in excess of 100,000 USD.

AFP - AIG chief executive Edward Liddy told Congress Wednesday that he had asked recipients of politically toxic bonuses to "do the right thing" and return half the money.
   
"We've heard the American people loudly and clearly these last few days," he said at a combative hearing in the House of Representatives.
   
"Accordingly this morning I've asked the employees of AIG Financial Products to step up and do the right thing," he said, calling on employees earning bonuses of more than 100,000 dollars "to return at least half of those payments."
   
"Some have stepped up already and offered to return all of those payments," he said without offering details.  
   
Pressed on why the 165 million dollars in bonuses were ever necessary in the first place, Liddy stressed that the financial products unit was still sitting on 1.6 trillion dollars of risky investments that needed expertise to unwind.
   
"I'm trying desperately to prevent an uncontrolled collapse of that business," he said.
   

Date created : 2009-03-18

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