Tag: AIG

AIG bill still hitting taxpayers

The Congressional Oversight Panel says in a scathing report that the government failed to exhaust all options before bailing out the insurance giant American International Group — although the rescue did help the financial system avert collapse.  Nonetheless, the watchdog panel says taxpayers may never be paid back all of the $182 billion funneled to support AIG.  […]

AIG backlash heats up

The heat continues to increase on insurance giant AIG, which got $182 billion in taxpayer bailouts yet gave out $165 million in bonuses.  New York Senator Chuck Schumer says President Obama’s pay czar should be given the power to recover the “outrageous” bonuses.  Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial […]

AIG reconfiguring its board

Under pressure since admitting paying out milions in bonuses after receiving billions in federal bailout money, insurance giant AIG says it will reconfigure its board to include six new independent directors.  School of Management Professor James Post, an authority on corporate governance and business ethics, says the AIG effort is not a surprise because “the […]

Anger at AIG bonuses could reshape economic landscape

School of Management Professor James Post, an authority on corporate governance and business ethics, in a BU Today Q&A discusses the impact of the furor over the AIG bonuses and how it could impact both the short-term recovery process and the long-term future of executive compensation in the financial services industry. Contact James Post, 617-353-4162, […]

AIG bonuses: Don't pay, "let them sue"

Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law and former counsel to the Fed Board of Governors, says taxpayer-owned insurance giant AIG should just not pay those executive bonuses and let them sue. “Since the AIG bailout in September, the moribund company has paid out $120B to counterparties and […]

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Say 'no' to bonuses at bailed-out AIG

Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law (and early in his career responsible for executive compensation at Shawmut National Corporation, now part of Bank of America) says there should be no bonuses at bailed-out insurance giant AIG. “It defies imagination that the Treasury Department would sign off on […]