Cuomo to probe AIG bonuses for possible fraud
New York Attorney General Andrew Cuomo said Monday he has issued subpoenas for the names of American International Group employees given millions of dollars in bonuses despite their possible roles in the insurance giant's near-collapse.
Cuomo said his office will investigate whether the $165 million in payments are fraudulent under state law because they were promised when the company knew it wouldn't have the money to cover them. AIG reported this month that it lost $61.7 billion in the fourth quarter of last year, the largest corporate loss in history, and it has benefited from more than $170 billion in a federal rescue.
Monday, March 16, 2009
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