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AIG CEO defends bonuses paid - says it ran ‘business as a business’
2009-03-18 16:06:20 (GMT) (Caymanmama.com - Business News)
AIG CEO Edward Liddy admitted the move to pay out steep bonuses was “distasteful” but countered that the bailed-out insurance giant had to conduct “business as a business”
Oklahoma City, Oklahoma (CaymanMama.com) — Coming to the defense of his insurance company AIG’s decision to pay out high dollar executive bonuses, CEO Edward Liddy admitted the move was “distasteful” but countered that the bailed-out insurance giant had to conduct “business as a business” and said it was legally obligated to make the payments.
“We are acutely aware not only that we must be good stewards of the public funds we have received, but that the patience of America’s taxpayers is wearing thin,” Liddy said in prepared testimony to be delivered to a House subcommittee on Wednesday morning.
As specifics come to light regarding the $165 million in bonuses paid by AIG, lawmakers and administration officials are looking for options to recoup the funds by either imposing harsh new taxes on the bonuses or requiring AIG to return the money in exchange for future taxpayer aid.
“We are essentially operating AIG on behalf of the American taxpayer so that we can maximize the amount of money we pay back to the government,” Liddy said.
“In order to do that, we have to continue managing our business as a business, taking account of the cold realities of competition for customers, for revenues and for employees. Because of this, and because of certain legal obligations, AIG has recently made a set of compensation payments, some of which I find distasteful.”
Liddy confirmed that AIG is in the works to slash its debt to the Federal Reserve, which made a move in September along with the Treasury Department to help get the insurance giant to stay afloat from its fast approach to failure.
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