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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: AIG to give back $50 mln in bonus cash AFP - Wednesday, March 25 WASHINGTON (AFP) - - Executives with AIG's financial products division have agreed to pay back 50 million dollars in bonuses amid outcry over the insurance giant's use of taxpayer cash for executive perks, officials said. ADVERTISEMENT The agreement comes as Treasury Secretary Timothy Geithner and Federal Reserve chief Ben Bernanke face a grilling from lawmakers Tuesday over government aid for the troubled American International Group. The US government has so far pumped around 170 billion dollars into the multi-national insurance titan to keep it afloat, fearing its collapse could deepen a market-wide liquidity crisis . Fifteen of the top 20 bosses who received big bonus checks after the US government doled out cash to rescue AIG will give back their bonuses, New York Attorney General Andrew Cuomo said late Monday. The 15 executives from the financial products' unit are expected to return 30 million dollars in cash. Cuomo said a total of 50 million dollars, including bonuses from other employees of the unit, was to be returned. "I would like to say this to the individuals who have given the money back: 'You have done the right thing. You have done what this country now needs and demands'," Cuomo said in a statement. Nine of the top 10 bonus recipients have agreed to return cash, Cuomo said, adding he hoped to eventually get back 80 million dollars paid out as bonuses in the United States. Another 85 million dollars was given to employees outside the United States, and Cuomo said it was unlikely that US officials had the legal standing to seek to regain that cash. The financial products division was widely blamed for the company's downfall through its investments in complex financial derivatives that turned out to be worth a fraction of their on-book value. AIG has been lambasted for using 165 million dollars of government bailout funds to pay for staff bonuses, despite massive losses at the firm. In the final quarter of 2008, AIG posted a 61.7 billion dollar loss, the largest quarterly loss ever recorded in the United States. News that AIG staff had received retention bonuses derived from taxpayer cash prompted US lawmakers to propose a hefty tax on the premiums. The House of Representatives last week approved a 90 percent tax on bonuses paid to employees who earned more than 250,000 dollars at firms if their firms received more than five billion dollars in government rescue funds. Geithner, who along with Bernanke is to testify before the House of Representatives' Financial Services Committee over the government's actions and its monitoring of the titan insurer, reiterated late Monday that he "should have known earlier" about AIG's compensation plans. "As I said, you know, I was not informed by my staff about the scale and extent of this package until March 10th, but that's my responsibility. I should have known earlier," he said. But Geithner also pointed out that "it would not have affected the choices we had, because the choices we had were limited by the fact that a range of these payments were contractually committed payments made back in the spring of 2008, before there was any involvement," he said. "Looking forward, we have more flexibility to try to make sure those things get renegotiated and restructured in a way that's consistent with and aligned with the interests of the taxpayer." Democratic lawmaker Paul Kanjorski said Geithner and Bernanke have "much to clarify for the American public." They "will have the opportunity to explain directly and publicly the actions they have taken to rescue AIG from collapse and monitor the company's performance since then," said Kanjorski, chairman of the panel's subcommittee on capital markets, insurance, and government-sponsored enterprises. Also to testify Tuesday is William Dudley, president and chief executive officer of the Federal Reserve Bank of New York. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo Protesters gather outside the headquarters of AIG Financial Products in Wilton, Connecticut. Executives with AIG's financial products division have agreed to pay back $50 million in bonuses amid outcry over the insurance giant's use of taxpayer cash for executive perks. 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