March 17, 2009— -- The Financial Products Subsidiary may be largely to blame for the near collapse of insurance giant AIG last year, but that did not stop seven executives at that department from taking home bonuses of over $4 million each, with the top bonus recipient earning more than $6.4 million, according to numbers released today by New York Attorney General Andrew Cuomo in a letter to the Chairman of the House Financial Services Committee Barney Frank (D-Mass.).
"Already my Office has determined that some of these bonuses were staggering in size," wrote Cuomo after he subpoenaed AIG Monday demanding the names and job descriptions of those that shared a $165 million bonus pool despite the firm's dismal performance and its acceptance of over $170 billion in bailout funds so far.
Click here to read Cuomo's letter on AIG bonuses.
"Again, these payments were all made to individuals in the subsidiary whose performance led to crushing losses and the near failure of AIG," wrote Cuomo. "Thus, last week, AIG made more than 73 millionaires in the unit which lost so much money that it brought the firm to its knees, forcing a taxpayer bailout."
He provided the numbers collected thus far by his office.