Developing Story: AIG Bonuses

In a letter to AIG CEO, New York Attorney General Andrew Cuomo said that the bonuses should not have been paid out due to the current crisis and have been disclosed. Working with the President, Cuomo have mentioned that some sort of law would be placed in effect to tax the bonuses at high rates to return the money to the American taxpayers if the money was not willingly returned. Although AIG said the payments were made under contract, Cuomo countered that they shouldn't have been made if the company knew they couldn't afford it in the face of this economic crisis.

http://biz.yahoo.com/ap/090317/aig_cuomo.html

http://www.cnn.com/2009/POLITICS/03/17/aig.bonuses/index.html

http://i.cdn.turner.com/cnn/2009/images/03/16/aig.letter.3.16.09.pdf