Monday, March 23, 2009

McKenna Urges AIG to reveal names of executives who received bonuses

OLYMPIA — Attorney General Rob McKenna today urged the chairman of American International Group (AIG) to disclose the names of executives who received bonuses between September 2008 and the present, and how federal bailout money was used for that compensation.

“My office has joined with 18 other attorneys general to demand a full accounting of how millions of taxpayer dollars were transferred to AIG executives in the form of bonuses,” McKenna said. “We’ve demanded the information needed to confirm that the billions loaned to AIG are being used as intended – to stabilize the company and help unwind the mortgage-backed securities that damaged our economy.”

letter asks Edward M. Liddy, the chairman and chief executive officer of AIG, to supply a list of all individuals in the AIG Financial Products subsidiary who received bonus compensation, the source of the compensation, copies of employment contracts of individuals who received bonuses and whether federal money was used to compensate the executives.

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