bonuses-in-the-limelight-again

Bonuses in the limelight again

News that AIG will pay large bonuses causes discontent among US taxpayers. Meanwhile, a court is soon to decide whether Bank of America must release names of bonus recipients.

The attorney-general of New York Andrew Cuomo has added his comments to the melee surrounding bonuses at American International Group AIG. The insurance major, which has so far taken $173 billion of taxpayer bailout money, has set aside a $450 million bonus pool for employees of AIG Financial Products. AIGFP is the division which, among other things, traded complex credit products. Specifically, $165 million worth of bonuses were due to be paid by March 15, following a $55 million payout already made.

The AIG bonuses have led to public outrage and President Barrack Obama has condemned the payments and gone on record saying that he will explore all legal avenues to block them.

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