While AIG has tried to characterize the bonuses as “retention” payments, New York attorney general Andrew Cuomo points out in a letter to Barney Frank written today that:
Numerous individuals who received large ‘retention’ bonuses are no longer at the firm ….
Eleven of the individuals who received “retention” bonuses of $1 million or more are no longer working at AIG, including one who received $4.6 million ….
You can’t pay to retain someone who is already gone.
Here’s Cuomo’s letter: