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March 19, 2009

AIG Exec: Employees to Give Back Half of Bonuses
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Liddy, meanwhile, also defended the bonuses, saying they were essential
to retaining top employees.

AIG CEO Edward Liddy: “Make no mistake. Had I been CEO at the time, I
would never have approved the retention contracts that were put in place
over a year ago. It was distasteful to have to make these payments. But
we concluded that the risks to the company, and therefore the financial
system and the economy, were unacceptably high.”

Liddy says he’s asked a few hundred AIG executives and employees to give
back at least half of the extra pay but refused to give details on who
is keeping their bonuses. AIG is also facing questions on the billions
of dollars in taxpayer money it used to repay other financial firms.



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