Response By State Officials
On March 16, 2009, New York State Attorney General Andrew Cuomo sent a letter to AIG demanding "the list of individuals who are to receive payments" and "a description of each individual's job description and performance at AIG Financial Products" in order to determine "whether any of the individuals receiving such payments were involved in the conduct that led to AIG's demise and subsequent bailout" and "whether, as you claim, such individuals are truly required to unwind AIG Financial Product's positions." AIG failed to respond, so Cuomo subpoenaed them for the names of the bonus recipients. Cuomo announced that 73 AIG employees were each paid more than $1 million in bonuses, saying "AIG made more than 73 millionaires in the unit which lost so much money that it brought the firm to its knees, forcing a taxpayer bailout." and "Something is deeply wrong with this outcome."
On March 21, Connecticut Attorney General Richard Blumenthal issued a subpoena to AIG to find out why they gave out an additional $53 million in bonuses on top of the $165 million already reported.
Read more about this topic: AIG Bonus Payments Controversy
Famous quotes containing the words response, state and/or officials:
“It’s given new meaning to me of the scientific term black hole.”
—Don Logan, U.S. businessman, president and chief executive of Time Inc. His response when asked how much his company had spent in the last year to develop Pathfinder, Time Inc.’S site on the World Wide Web. Quoted in New York Times, p. D7 (November 13, 1995)
“A State, in idea, is the opposite of a Church. A State regards classes, and not individuals; and it estimates classes, not by internal merit, but external accidents, as property, birth, etc. But a church does the reverse of this, and disregards all external accidents, and looks at men as individual persons, allowing no gradations of ranks, but such as greater or less wisdom, learning, and holiness ought to confer. A Church is, therefore, in idea, the only pure democracy.”
—Samuel Taylor Coleridge (1772–1834)
“To name oneself is the first act of both the poet and the revolutionary. When we take away the right to an individual name, we symbolically take away the right to be an individual. Immigration officials did this to refugees; husbands routinely do it to wives.”
—Erica Jong (b. 1942)