Huffington Post reports:
Fifteen of the largest 20 bonuses distributed by AIG, totaling about $30 million of their payments, have been returned, according to New York Attorney General Andrew Cuomo.
Some of the bonus recipients have refused to give back the payments, others have been unable to be contacted, and other holdouts are still deliberating while they consider the tax ramifications, Cuomo told reporters during a conference call.
He added that 9 of the top 10 recipients had given back the bonuses.
In total, he predicts that $80 million will be returned, noting that only 47% of the payouts went to American employees of the embattled firm.
Cuomo praised those who returned the money for their responsiveness to public outrage, stating that they had “risen to the occasion.”
As much crap as I’ve given to AIG executives, I’m glad to say I tip my hat off to those who returned their bonuses. I also thinks this speaks volumes about the how they viewed their chances of recouping their bonuses in court.