« Back to articlePrint this article

AIG chief urges staff to return bonuses

March 19, 2009 18:32 IST
Troubled insurance giant American International Group's chairman and chief executive has asked its employees to return at least half of the bonuses paid to them recently, after facing sharp criticism from taxpayers and federal officials against the payments.

"I have asked the employees of AIG Financial Products to step up and do the right thing. Specifically, I have asked those who received retention payments of $100,000 or

more to return at least half of those payments," AIG chairman and CEO Edward Liddy said in his testimony to the sub-committee of the US House of Representatives.

"We have heard the American people loudly and clearly these past few days," Liddy said adding that some of employees had already stepped forward and offered to give up 100 per cent of their payments.

Liddy, who took the charge of the company in September when the government had injected the first package of 85 billion dollars to bail out the insurance giant, has urged the AIG staff to return the bonuses paid following rising public ire against the payments.

© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.