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WASHINGTON, March 14 (UPI) -- American International Group Inc., which has received $170 billion in U.S. aid, is handing out millions in bonuses, The Washington Post reported Saturday.
After getting an angry telephone call Wednesday from Treasury Secretary Timothy Geithner, AIG Chairman and Chief Executive Edward Liddy wrote to Geithner that the insurance giant was distributing the bonuses because it risked lawsuits if it violated employee contracts. Liddy argued in the letter that bonuses might be needed to keep critical employees.
AIG did agree to make changes in $9.6 million in bonuses to the 50 most senior employees, including Liddy. The seven at the top of the totem pole have agreed to receive no bonuses.
For the next 43, half the bonus is to be deferred, with 25 percent paid July 15 and the remainder Sept. 15 if the company meets its restructuring goals. Other employees, down the line, are to get their full bonuses.
AIG almost collapsed in September because of the sale of credit default swaps by the company's London unit.
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