WASHINGTON--A Maryland congressman demanded yesterday that American International Group provide more disclosure concerning retention bonuses it is paying to retain key senior executives.
In the letter, Rep. Elijah Cummings, D-Md., accused AIG of "disingenuous sleight of hand" by disavowing the payment of performance bonuses to senior execs in 2008, but then continuing to provide retention bonuses previously announced in September.
He said AIG was doing this by having the approximately 130 top officials involved agree to delay receiving their retention payments--a first installment delayed from this month to April 2009, and the second installment delayed from December 2009 to April 2010.
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