Professor Daniel JH Greenwood authored the following editorial published in the New York Daily News.
Wait for AIG employees to give back bonuses? No — get them back
By Daniel JH Greenwood
New York Daily News
March 19, 2009
EXCERPT:
AIG claims it is legally required to pay enormous bonuses to employees of its financial products unit – the very crew that destroyed the company and threatened the world financial system by selling huge quantities of an insurance-like product without setting aside money to pay claims. Yesterday, CEO Edward Liddy told Congress he asked many of the bonus recipients to give half of the money back – and some have already done so.
