Oh dear. I suspect that this is only the start of a cavalcade of naming and shaming of Wall Street companies involved in the financial crisis. It is also very bad news for all of those multi-million dollar pay packages and related perks.
Andrew Cuomo, the New York attorney general, has just announced his crackdown on expenses at American International Group, the insurance company that was bailed out after hitting trouble with its financial products business.
Here are the painful details, from Mr Cuomo’s press release this afternoon:
Attorney General Andrew M. Cuomo met today with Edward M. Liddy, the new Chairman and Chief Executive Officer of American International Group, Inc. (“AIG”) In a candid discussion, the Attorney General laid out his serious concerns regarding executive compensation issues and exorbitant expenses at AIG.