Under pressure to return the over $200 Million in bonuses, 15 of 20 executives in the Financial Products division have returned their bonuses. The Financial Products group, most commonly referred to in Congressional testimony as the “FP” is the rogue division that took AIG from a well respected insurance company to the high rolling gambler on Wall Street, betting on risky credit default swaps.
In addition to the return of some bonuses, AIG was hit with executive resignations. Apparently, some could not endure the heat. Over the past weekend protesters toured the wealthy neighborhoods of some of AIG’s high enders by chartered buses.
A handful of senior executives working within American International Group Inc’s controversial financial products unit have resigned, said a company spokeswoman late on Monday.
According to a spokesman for the company, the number of resignations is “manageable” but they are expecting more in the coming days.
New York Attorney General Andrew Cuomo had said that he would release the names of those who received bonuses. Those who have returned their bonuses will be deleted from the public list.
While the employees were deciding whether to return bonuses or not, and while some were considering whether to resign or not, AIG removed its name and logo from its New York building. The company is now going by AIU, at least in part. The online insurance company formerly named AIG is now 21st Century Insurance.
A rose by any other name….
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