AIG chief asks for bonuses back
19-03-2009
AIG chief executive Edward Liddy has told the US Congress that he has 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 US$100,000 "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 in bonuses were ever necessary in the first place, Mr Liddy stressed that the financial products unit was still sitting on $1.6 trillion of risky investments that needed expertise to unwind. "I'm trying desperately to prevent an uncontrolled collapse of that business," he said.
