andrew cuomo

Opening today’s House Financial Services Committee hearing on AIG, Chairman Barney Frank (D-Mass) makes a strong case for suing all those executives who got their multi-million dollar bonuses despite their high-risk incompetence that ultimately led the company down the toilet.
Reading from the contracts — which still appear not to be publicly available, though I’m trying [...]

The federal government’s answer to the furor over AIG’s payments of ridiculous multi-million dollar bonuses to the same executives who helped drive the company into the ground seems to be “we can’t break a contract.”
But what about what the executives promised to do under those employment contracts?  Surely those contracts required managers and executives to [...]

More details on those AIG bonuses are coming out, courtesy of New York Attorney General Andrew Cuomo’s pestering of the company for more information, The New York Times reports.
The startling details are outlined in a letter to Rep. Barney Frank (D-Mass.), chairman of the House Committee on Financial Services. Brace yourself, as the Irish say:
“A.I.G. [...]

Andrew Ross Sorkin takes a shot at explaining why we have to pay those AIG bonuses today in The New York Times. Sorkin explains that he knows it’s not a popular view to even try to justify the bonuses — but it’s the new reality of  how the business world works in post-bailout America.
And it’s [...]

When Merrill Lynch snuck in $4 billion in executive bonuses just before its sale to Bank of America, nearly everyone I spoke with said that while the move was despicable, there wasn’t anything anyone could do. Taxpayers aren’t shareholders of Merrill, and they had to just stand by and watch.
New York Attorney General Andrew Cuomo [...]

Is the sky falling? Are pigs flying? Apparently Wall Street executives have become sensitive to the fact that while people are losing their jobs and their homes, financial industry executives are getting set to reap big year-end bonuses, courtesy of the American taxpayer.
They’re actually thinking of curbing some of those rewards, The Wall Street Journal [...]