Statement From Attorney General Andrew Cuomo Concerning Aig's Decision To Eliminate Bonuses For Top Executives

We have received Mr. Liddy’s response to our letter of last week outlining the action AIG will now take regarding executive compensation. AIG has taken a positive step by eliminating bonuses and salary increases for its top executives. Taxpayers have been slammed with a one-two punch seeing their investments dwindle while simultaneously having to fund the Wall Street bailout with billions of their tax dollars. It is only fair that top executives, who benefit the most when firms do well, should also bear the burden of the difficult economic consequences their firms now face. This gesture by AIG is appropriate and I encourage other firms to wake up to the new reality on Wall Street and follow AIG’s step quickly. The taxpayers of this country deserve nothing less.