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portfolio.com - 3/16/2009

How to Not Pay the AIG Bonuses

— portfolio.com — Barack Obama is a lawyer -- and a very good one, too, by all accounts. Andrew Cuomo , too, is a lawyer, and is attorney general of New York. And neither of them seem remotely impressed by AIG's protestations that it's contractually obliged to pay out ... (more) How to Not Pay the AIG Bonuses

Stocks

American International Group

Andrew Cuomo

Barack Obama

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online.wsj.com - 3/13/2009

Cuomo, Frank Seek to Link Executive Pay, Performance

— online.wsj.com — SUSANNE CRAIG New York State Attorney General Andrew Cuomo is in discussions with Rep. Barney Frank and other lawmakers on a plan to tie Wall Street pay to the long-term performance of the firms. Mr. Frank (D., Mass.), chairman of the House Financial ... (more) Cuomo, Frank Seek to Link Executive Pay, Performance

Government

Andrew Cuomo

Barney Frank

Anglo Irish Bank

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nytimes.com - 3/12/2009

Cuomo Says Merrill Deceived Congress on Bonuses

— nytimes.com — Andrew M. Cuomo , the attorney general of New York, claimed on Wednesday that Merrill Lynch misled Congress over the timing of its plans to award billions of dollars in bonuses last December. He also suggested that Bank of America , which was then in ... (more) Cuomo Says Merrill Deceived Congress on Bonuses

Stocks

Andrew Cuomo

Bank of America

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Cuomo Offers Some Details of A.I.G. Bonuses
DealBook — ... which is nearly 80 percent owned by the government, paid out the so-called retention payments, claiming the bonuses were needed to persuade workers to stick around in its financial products unit to stick around. But the payouts have caused a public furor, and the White House said Monday that the Treasury would write new requirements about the bonus money in the next $30 billion it provides to the insurance giant. Already, the government has given A.I.G. about $170 billion in aid. Go to Article from The New York Times »

AIG Retention Bonuses Paid to FORMER Employees
The Big Picture — ... more than $4 million each, and the top 10 received a combined $42 million. Eleven of those who received “retention” bonuses of $1 million or more are no longer working at A.I.G., including one who received $4.6 million, he said. This story gets more and more interesting. Right now my long pitchforks and torches trade is looking pretty sweet! > Hat tip Dan Greenhaus Source: Cuomo Offers Some Details of A.I.G. Bonuses LOUISE STORY ...

Adding Up A.I.G.'s Backdoor Bailouts
DealBook — Of the $170 billion in government funds used to prop up American International Group , a large chunk has gone to buy soured securities — at full price — from big banks such as Goldman Sachs . Though it was somewhat lost amid the public howls of protest over the $165 million in bonuses A.I.G. just paid to employees, A.I.G. also released previously confidential information about how some of its bailout money was used. Part of the cash went to buy securities from banks, which allowed A.I.G. to rip up derivative contracts that were threatening to bring down the firm. A.I.G., ...