The post-bailout AIG junket rightfully enraged anyone who's paying attention to this stuff.
Well, it looks like, finally, some executives are getting a clue about appropriate use of taxpayer dollars, and others will be getting a wake-up call.
In this New York Times Business Section article, AG Cuomo will be going after the golden parachutes of executives which caused AIG's collapse.
A start:
American International Group agreed Thursday to help the New York State attorney general’s office recover tens of millions of dollars in improper expenditures, including compensation given to two former top executives.
This is happening during a Bush administration!?
It seems almost too good to be true. Obviously, this is just the start with a lot further to go. But, it's happening during a GOP administration, lame duck though it might be.
Mr. Cuomo met Thursday with A.I.G.’s new chief executive, Edward M. Liddy, and the agreement was announced jointly by them.
Under the terms of the agreement, A.I.G. will provide the attorney general’s office with an accounting of all compensation paid to its senior executives. A.I.G. also agreed agreed to cancel all junkets and benefits that are not justified by legitimate business needs. AIG will immediately cancel more than 160 conferences and events, some exceeding more than $750,000 per event, for a total savings of more than $8 million.
A read of the entire article is worth it.
I'm looking forward. If this is happening in the waning days of the Bush administration, just think of what's on the burner for these thieves during the Obama administration.