AIG agreed to freeze the $19 million and other benefits earmarked for Martin Sullivan, former CEO of Federal Reserve-owned AIG in a deal with New York State Attorney General Andrew Cuomo. As part of the same agreement, the insurer has put $600 million of deferred compensation and bonuses for its financial products subsidiary in a lockbox. “To be clear, it is my position that until the taxpayers are repaid with interest the more than $120 billion that has been used in the rescue financing of AIG, no funds should be paid out of these pools to any executives,” wrote Cuomo in a letter to Edward M. Liddy, chairman and CEO of AIG. It’s good to see somebody’s minding the safe. Whence the Feds?
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