Connecticut Attorney General's Office

Press Release

Attorney General Demands AIG Provide Bonus Amounts, Recipients, Other Information

March 19, 2009

Attorney General Richard Blumenthal announced today that his office has demanded that AIG provide his office a list of bonus amounts and recipients, as well as copies of contracts and other information related to their payment.

Blumenthal said that he will take steps to enforce the subpoena issued today by the Department of Consumer Protection, or others, if AIG fails to provide the information promptly.

"I have asked AIG to provide my office a complete list of bonus recipients and amounts, as well as related contracts and legal interpretations," Blumenthal said. "American taxpayers -- who own more than 80 percent of AIG -- have a right to this information, and I will subpoena the company to compel release if necessary. AIG must come clean to its owners -- the American people.

"I urge AIG employees to do the right thing and give back every penny. They do not deserve this money, and they did not earn it.

"AIG was categorically wrong when it claimed that state labor law compelled payment of these outrageous, unconscionable bonuses. A provision in Connecticut law requiring double payment for failure to pay wages does not apply to the AIG bonuses. AIG shamefully used this joke of a justification -- totally lacking legal merit -- to reward financial failure and fiasco.

"I'm angry that AIG relied on a bogus legal interpretation of Connecticut law to richly reward employees whose monstrous, monumental failures destroyed the company and helped undercut the economy. These employees should be shoved out the door, not showered with cash."

Blumenthal sent AIG a letter Wednesday seeking information on the bonuses. The letter asks the company to provide the requested information promptly. AIG has not responded as of today.