Shamed AIG bosses return bonus cash

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Fifteen of the 20 who received the most money made the decision following a storm of criticism and some arm-twisting from New York's attorney general Andrew Cuomo.

He said in total AIG employees have agreed to return about 50 million dollars of the 165 million dollars in bonuses awarded earlier this month by the troubled insurer.

Mr Cuomo said he still hoped more AIG employees will return their bonuses. At most he said his office could hope to recoup 80 million dollars of the bonuses - roughly the amount paid out to American employees.

He said he thanked employees who returned the money, adding: I think they are being responsive to the American people."

Mr Cuomo said nine of the 10 people receiving the largest awards agreed to return their bonus. Others refused to return the money, and the remainder are still considering it.

"We are deeply gratified that a vast majority of Financial Products' senior leadership have expressed a willingness to forsake their recent retention payments," said an AIG spokeswoman.

She added that the company is continuing to review the responses of the other employees.

AIG chief executive Edward Liddy told Congress last week that some of the employees were willing to give the money back. But he claimed the company may not be able to attract and retain talented employees if they believe their compensation is subject to adjustment by the Treasury.

The spokeswoman said that a "handful" of senior-level executives have resigned from the financial products division, and that there will probably be more resignations to come.