Published on March 19, 2009 | by LawNews
Prof. Daniel Greenwood in New York Daily News
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
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.