Breaking: NY AG (Andrew Cuomo) Issues AIG Subpoenas !!!

[WillyT]

<snip>

New York Attorney General Andrew Cuomo has issued a subpoena to American International Group Inc. seeking a list with the names of executives receiving bonuses.

"We had given AGI up to 4 o'clock today to provide the information on the latest round of bonuses that they paid out," Cuomo said. "Four o'clock has come and gone."

In the letter, Cuomo said he was disturbed to learn over the weekend of AIG’s plans to pay millions of dollars to members of the Financial Products subsidiary through it’s Financial Products Retention Plan.

He sent the letter to Edward Liddy, chairman and CEO of the insurance giant said.

Cuomo said it was that division that led to AIG’s “meltdown and the huge infusion of taxpayer funds to save the firm.” The attorney general said AIG had previously promised to make no payments out of AIG’s $600 million Financial Products deferred compensation pool.

Cuomo said he wants a list of those who received payments under the retention plan, their positions, job descriptions and performance at AIG Financial Products. He also wants to know how many payments have been made.

<snip>

Link: http://www.bizjournals.com/albany/stories/2009/03/16/daily10.html

:shrug:

[Catshrink]

1. Excellent!

He's not messing around, is he? About damn time someone showed gumption.

[Donnachaidh]

2. yeah -- and what happens when they IGNORE the subpoenas?

This little game of chicken will ONLY work if Cuomo is prepared to take the boys in blue to the NY offices and do an arrest and perp walk within the next day or two.

Anyone want to guess which of the executives have ALREADY left the state, or the country, on business matters? They've had since this morning to make those arrangements....

[Beetwasher]

3. AIG Is Not The Bush Admin., They Don't Get To Ignore Subpoena's W/ Out Serious Ramifications

You can bet your ass Cuomo is prepared to force their compliance.

[burythehatchet]

9. Actually AIG has a long past of being in cahoot with US got intelligence agencies

in fact, Hank Greenburg was once floated as head of CIA under Bush 1. So no they aren't the Bush Admin., but they are in bed with the spooks.

[aquart]

13. I knew one firm that took a year to answer a subpoena.

And when they did, the evidence was deliberately sabotaged, with things misfiled, stapled to the wrong report, out of page order...every damn thing they could do to make it difficult. And when a secretary told them the evidence was a mess, she was fired. And that, my dear, is merely what their lawyers did.

And then the warehouse that had the rest of the information burned down.

So it ain't over yet.

[Donnachaidh]

15. that's what I'm thinking they will do

WHY should they do anything to aid the investigation? There have been NO *REAL* consequences for any of these crooks.

[Donnachaidh]

14. no offense, but I'll believe it when I SEE it.

Yes, Cuomo seems to be on the ball -- HOWEVER -- I'm NOT convinced the Geithner or his band of merry men won't step in to stop the potential frogmarch of these crooks. All can be done under National Security blatherings.

I'm hoping for the best -- but we haven't seen much of that lately in this country. One person can be put in jail for carrying a joint, but these people get to take the money, piss all over the taxpayers, and then come back and ask for MORE money....

[WillyT]

4. Good... Let 'Em Leave The Country...

Seize their assets, and never let 'em back in.

Fine with me.

:shrug:

[Donnachaidh]

16. we won't even do THAT.

Drug dealers have their assets seized in the blink of an eye. Banks crash the economy and they get *retention awards* from the bailout monies.

[Elidor]

10. Fortunately, these aren't congressional subpoenas

These subpoenas actually mean something.

[Rosa Luxemburg]

5. yes I want to see where MY dollars went

[TBF]

6. Good start. K&R n/t

[Gin]

7. Subpoenas don't mean a thing anymore.....time will tell if it means something in

this case. (IMO)

[Larkspur]

8. If Cuomo wins this battle, he'll be the next governor of NY

and he will teach Geithner and Summers how to handle the economic royalists.

[KharmaTrain]

11. He Needs To Get The Books...

I don't trust a word any of these goons say. They've got plenty of money to lie and buy the best lawyers around to delay, parse and wear down almost any prosecution. The only way he'll get to the truth is to walk into AIG headquarters with several hundred marshalls and just start carting away the records...we own 'em anyway.

[valerief]

12. More subpoenas for the asshats running things to ignore! nt

[gristy]

17. Finally. A democrat who can follow through on his threat

Way to go Mr. Cuomo! :thumbsup:

[Catshrink]

18. What? No sternly worded letter?

An actual subpoena? One that has teeth? Knock me over with a feather.

[GinaMaria]

19. Is this just a first step?

Cuomo said he wants a list of those who received payments under the retention plan, their positions, job descriptions and performance at AIG Financial Products. He also wants to know how many payments have been made.

It sounds like takin names but not kickin butt.

[glinda]

20. All the money is going to funding and keeping Republicans in power.