Lisa Chow is the economics reporter at WNYC. She tries to explore in her stories surprising aspects of New York’s many economies—in plain view or hidden, in neighborhoods or sectors.
AIG Eliminates Some Top Executive Bonuses
Tuesday, November 25, 2008
New York, NY –
AIG's CEO will only get a one dollar salary this year and next and the troubled insurer's seven top executives won't get bonuses, after New York Attorney General Andrew Cuomo asked for details on executive pay packages in light of the $150 billion AIG is getting in taxpayer bailout money. Cuomo says AIG is doing the right thing.
CUOMO: I believe it is only fair that top executives, who have benefited when the firms have done well, now bear their proportionate burden of these difficult economic consequences
REPORTER: Cuomo says other companies receiving federal bailout money should follow AIG's example.