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AIG bonuses 'higher than thought' | AIG bonuses 'higher than thought' |
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US insurance giant AIG paid out a total of $218m (£150m) in bonuses after accepting bail-out cash, according to a senior US official. | US insurance giant AIG paid out a total of $218m (£150m) in bonuses after accepting bail-out cash, according to a senior US official. |
Documents obtained by Connecticut's attorney general showed AIG paid $53m more in bonuses than had been widely thought, the Associated Press reported. | Documents obtained by Connecticut's attorney general showed AIG paid $53m more in bonuses than had been widely thought, the Associated Press reported. |
Documents obtained by subpoena showed 73 people took more than $1m each, with five receiving more than $4m, AP said. | |
The US has rescued AIG with a $170bn bail-out package since September 2008. | The US has rescued AIG with a $170bn bail-out package since September 2008. |
AIG: QUICK FACTS Founded in 191930 million US policy holdersOperates in 130 countriesProvides insurance to 100,000 companies and other entities US lawmakers vote for bonus taxAIG chief asks for bonuses back But revelations about the size of bonus payments made by the organisation since the bail-out was agreed have sparked a furious reaction among US lawmakers and the general public. | AIG: QUICK FACTS Founded in 191930 million US policy holdersOperates in 130 countriesProvides insurance to 100,000 companies and other entities US lawmakers vote for bonus taxAIG chief asks for bonuses back But revelations about the size of bonus payments made by the organisation since the bail-out was agreed have sparked a furious reaction among US lawmakers and the general public. |
US President Barack Obama described the bonus payments as an "outrage" at the start of the week, before state legal figures and congressmen also weighed in. | US President Barack Obama described the bonus payments as an "outrage" at the start of the week, before state legal figures and congressmen also weighed in. |
Even AIG boss Edward Liddy has described them as "distasteful". | Even AIG boss Edward Liddy has described them as "distasteful". |
For much of the week the total amount AIG paid out in bonuses was reported at $165m. | For much of the week the total amount AIG paid out in bonuses was reported at $165m. |
But documents obtained by Richard Blumenthal, Attorney General of Connecticut, appear to raise that figure by some 32%. | But documents obtained by Richard Blumenthal, Attorney General of Connecticut, appear to raise that figure by some 32%. |
Connecticut was among 19 states which demanded that AIG reveal details of bonuses paid to executives, in an effort to begin recovering the funds. | Connecticut was among 19 states which demanded that AIG reveal details of bonuses paid to executives, in an effort to begin recovering the funds. |