WASHINGTON--President Obama today ordered Treasury Secretary Tim Geithner to "pursue every legal avenue" to block $165 million in retention bonuses being paid to executives at American International Group's embattled Financial Products unit.
At the same time, New York Attorney General Andrew Cuomo said he has commenced an inquiry, and was issuing subpoenas to investigate the possibility the AIG retention payments were illegal.
In a letter sent today to AIG Chairman and Chief Executive Officer Edward Liddy, Mr. Cuomo asked for information on whether any of the retention payments that are the target of outraged comments by Congress and government officials "may be considered fraudulent conveyances under New York law."
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