AIG execs in London shun bonuses return

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New York Attorney General Andrew Cuomo has confirmed that many, if not all, the senior people who have so far failed to hand back their bonuses are based in London. He is now investigating whether the bonuses were paid fraudulently.

Cuomo yesterday said 15 of AIG's top 20 executives had agreed to hand back bonuses totalling $50 million (£34 million). He said he hoped to recover $80 million of bonus payments.

There is also growing pressure for executives who have so far refused to give up their awards to be named publicly. Cuomo appeared to promise anonymity to people who offered to pay back their bonuses.

But Connecticut Attorney General Richard Blumenthal has subpoenaed 14 AIG executives to testify at a hearing tomorrow.

Meanwhile, moves to tax bonuses at bailed-out financial firms in the US at 90% are said to be faltering.