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AIG Bonus Payouts Closer to Half A Billion
By
Jen Chung
Published May 5, 2009
Modified May 5, 2009
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By
Jen Chung
Published May 5, 2009
Modified May 5, 2009
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So, you know how there was a lot of populist outrage over AIG's $165 million in bonuses? Well, now, Politico reports that the number is now almost three times bigger: "In a response to detailed questions from Rep. Elijah Cummings (D-M.D.), the company has offered a third assessment of exactly how much it paid out in bonuses last year. And the new number, offered in a document submitted to Cummings on May 1, is the highest figure the company has disclosed to date. AIG now says it paid out more than $454 million in bonuses to its employees for work performed in 2008." Politico points out that when it asked an AIG spokesman about bonuses, he gave them a $120 million number. The spokesman now says the $454 million “reflects all types of variable compensation across all of our businesses," while the $120 million was for folks at headquarters and other "high ranking officers."
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executive compensation
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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