New York Attorney General Andrew Cuomo to AIG: "The party is over"
New York Attorney General Andrew Cuomo is investigating ``unwarranted and outrageous expenditures'' at American International Group Inc., which received an $85 billion federal bailout last month.
In a letter to AIG's board of directors, Cuomo demanded the company stop ``extravagant'' expenditures and recover millions of dollars in unreasonable payments, or face legal action.
Cuomo cited a $5 million bonus and a $15 million ``golden parachute'' AIG awarded its chief executive officer in March. Martin Sullivan was AIG's CEO at the time. Cuomo said the company also spent hundreds of thousands of dollars on ``luxurious retreats'' for executives, including an overseas hunting party and a golf outing.
``The party is over,'' Cuomo said today at a press conference on Wall Street in lower Manhattan. ``No more hunting trips. No more luxury resorts. They are not going to have the party and leave the hangover for the taxpayers.''