Fifty million dollars, that is how much of the $165 million in bonuses given to AIG executives has been returned already. Fifteen of the top twenty top executives from American International Group (AIG) have returned their million dollar bonuses in full. Furthermore, of the ten who received the highest bonuses, nine of them have been paid back fully.
News of the returns must ring pleasantly in the ears of President Barack Obama who was seeking possible legal action against AIG and also the total reimbursement of all 165 million dollars.
Andrew Cuomo, the New York Attorney General expressed his belief that the United States Government can get back around eighty million dollars of the bonuses handed out. Unfortunately, many of the bonuses were paid out to people who are not American citizens.
The cooperation by those executives who have given back their money has been greatly appreciated and Cuomo is no longer hounding the executives.
Not all of the 73 executives who received bonuses have been reached about possibly giving back their money and others are still contemplating their options on whether or not to give back the money for they were given the money fairly and had nothing to do with the collapse of the financial aspects of the company.
Hopefully the remaining executives will follow in their peers’ footsteps and return their bonuses or face the public scolding and possible action and high taxation on the bonuses by President Obama.