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It may be too early to be heaving any sighs of relief, but as AA&B goes to press, global stock markets are beginning to stabilize in the wake of a multitude of government bailout promises to their respective

As discussions heated up over whether to give Washington broad authority to regulate insurers posing systemic risks to the economy, the controversy cooled somewhat last week over retention bonuses paid to players at AIG's Financial Products unit.

A.I.G. said a number of its executives who work outside the United States for its troubled Financial Products unit have returned bonuses that have drawn criticism from U.S. and state officials.

There was no discrepancy between American International Group's chief executive approving an expedited payment of bonuses and his remarks that he was unhappy with them, a company spokesperson said yesterday.

New York Attorney General Andrew Cuomo announced yesterday that employees of American International Group have agreed to return $50 million of the $165 million controversial bonus money the company paid out.

AIG struggled to respond to a firestorm of criticism last week, generated by a brouhaha over retention bonuses and other payments.

American International Group appears oblivious to the fact that as the poster child for the bailout generation, doing business as usual undermines public support for its rescue and threatens its long-term future.

There is now a large combine of states investigating the details of American International Group bonus compensation for executives, a spokesman for the New Jersey State Attorney General's Office said yesterday.