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Trenton,
NJ -- New Jersey Attorney General Anne Milgram
today announced an investigation into potential
state law violations by American International
Group in connection with bonuses paid to employees
working in AIG’s Financial Products
subsidiary.
Milgram,
leading a coalition of state attorneys general,
sent a letter today to Edward M. Liddy, the
chairman and chief executive officer of AIG,
demanding a list of all individuals in the
AIG Financial Products subsidiary who received
bonus compensation between September 2008
and the present, the source of the compensation,
copies of employment contracts of individuals
who received bonuses, and whether federal
money was used to compensate the executives.
Milgram,
supported by 18 state attorneys general, is
also asking for a list of those persons involved
with negotiating the compensation contracts,
copies of board minutes, and copies of any
correspondence to shareholders from September
2008 to the present regarding the financial
health of AIG.
“We
are investigating whether this compensation
was paid to those working in the AIG subsidiary
largely responsible for the financial crisis
at the company,’’ Milgram said.
“This crisis, in turn, resulted in the
loss of billions of dollars in shareholder
equity and necessitated a huge influx of taxpayer
money. We want to ensure the investing public
that money received by the company is being
utilized to improve the financial welfare
of the company, not pad the pockets of the
same individuals who led to the financial
crisis in the first place.”
The
letter asks AIG to forward the information
within five days.
The
other states joining the investigation are:
Arizona, Delaware, Illinois, Kentucky, Louisiana,
Maine, Michigan, Mississippi, Montana, Nebraska,
New Mexico, Ohio, Oklahoma, Oregon, Pennsylvania,
Texas, Washington, and West Virginia.
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