AIG (AIG) Bonuses: Who’s To Say They Did Not Earn Them?
In a letter from NYS Attorney General Andrew Cuomo to Rep Barney Frank, the AG’s office disclosed the results of its investigation of the amount of money paid to certain AIG (AIG) employees as bonuses. One executive made $6.4 million.…
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One executive made $6.4 million. The top seven in terms of compensation received $4 million or more each, and seventy-three earned over $1 million.
What the letter does not say is what the criteria for the bonuses was and whether those criteria were in any way reasonable. It also does not disclose who signed the bonus agreements or approved the payouts. Documents the AG reviewed do show that those that were paid the incentives were promised at least 100% of the bonuses they got in 2007.
In other words, Cuomo’s disclosures are close to useless in terms of revealing the reasons the contracts were written the way that they were and who was responsible for them.
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.