AIG

[classicman]

FWIW - - -

(CBS/AP) New York state's attorney general joined the growing list of those angered by news of American International Group's bonuses, and wants to have details on his desk this afternoon about who is getting it rewarded.

Attorney General Andrew Cuomo says his office will investigate whether recipients of the payments were involved in the insurance giant's decline and whether the payments are fraudulent under state law.

In a letter to CEO Edward Liddy, Cuomo said he's been investigating AIG compensation arrangements since last fall and would issue subpoenas at 4 p.m. EST Monday if he didn't get the names of employees scheduled for bonuses plus information about their work and contracts.

"Covering up the details of these payments breeds further cynicism and distrust on our already shaken financial system," he wrote.

"Taxpayers of this country are now supporting AIG, and they deserve at the very least to know how their money is being spent. And we owe it to the taxpayers to take every possible action to stop unwarranted bonus payments to those who caused the AIG meltdown in the first place."

"Under these circumstances, it's hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay," the president said. "How do they justify this outrage to the taxpayers who are keeping the company afloat?"

The administration official said that the bonuses "long been known about inside and outside AIG. But we didn’t want to accept them."

Then why did it take til now for them to do something?