e-magazine
The Hot Zone
China's newly announced air defense identification zone over the East China Sea aims to shore up national security
Current Issue
· Table of Contents
· Editor's Desk
· Previous Issues
· Subscribe to Mag
Subscribe Now >>
Expert's View
World
Nation
Business
Finance
Market Watch
Legal-Ease
North American Report
Forum
Government Documents
Expat's Eye
Health
Science/Technology
Lifestyle
Books
Movies
Backgrounders
Special
Photo Gallery
Blogs
Reader's Service
Learning with
'Beijing Review'
E-mail us
RSS Feeds
PDF Edition
Web-magazine
Reader's Letters
Make Beijing Review your homepage
Hot Links

cheap eyeglasses
Market Avenue
eBeijing

Latest
Special> Global Financial Crisis> Latest
UPDATED: March 23, 2009
AIG Gives out More Bonuses Than Previously Reported: Reports
Share

 

A man is seen behind the window at the office of the American International Group (AIG) in lower Manhattan area in New York's financial district, in this file photo taken on March 9, 2009. Documents turned over to the state of Connecticut attorney general show that American International Group Inc. paid out over $218 million in bonuses, more than the previously disclosed $165 million, published reports said on March 21.(Xinhua/Liu Xin)

American International Group, Inc., a major American insurance corporation that caused outrage by paying out huge bonuses after receiving emergency money from the U.S. government, may have paid more bonuses that previously reported, local media said.

Documents turned over late Friday show AIG paid 218 million dollars in bonuses last weekend, higher than the 165 million dollars that was previously disclosed, said the office of the attorney general of Connecticut Richard Blumenthal, who had issued a subpoena.

In March 2009, AIG announced they were paying out 165 million dollars in executive bonuses. Total bonuses for the financial unit could reach 450 million dollars and bonuses for the entire company could reach 1.2 billion dollars. AIG has become a target of criticism in the media, from Congress, President Obama, and the public outcry following its allocation of the bonuses to its executives. AIG CEOs were grilled in both Congress chambers about the bonuses.

The U.S. Treasury Department is reportedly pushing ahead with new efforts to help banks. The U.S. government is expected to announce details next week of a program to subsidize private investors who buy devalued mortgage-related assets that are at the root of the financial crisis.

A busload of activists representing working- and middle-class families paid visits Saturday to the lavish homes of AIG executives to protest the huge amount of bonuses awarded by the struggling insurance company.

About 40 protesters -- outnumbered by reporters and photographers from as far away as Germany -- sought to urge AIG executives who received a portion of the bonuses to do more to help families, the Associated Press reported.

(Xinhua News Agency March 22, 2009)



 
Top Story
-Protecting Ocean Rights
-Partners in Defense
-Fighting HIV+'s Stigma
-HIV: Privacy VS. Protection
-Setting the Tone
Most Popular
 
About BEIJINGREVIEW | About beijingreview.com | Rss Feeds | Contact us | Advertising | Subscribe & Service | Make Beijing Review your homepage
Copyright Beijing Review All right reserved