Posted tagged ‘Andrew Cuomo’

Andrew Cuomo Files Antitrust Suit Against Intel

November 4, 2009

New York Attorney General Andrew Cuomo has filed antitrust charges against Intel, alleging that the company has threatened computer makers and paid huge kickbacks to stop them from using competitors’ chips.

From the New York Times:

The lawsuit charges that Intel violated state and federal laws by abusing its dominant position in the chip market to keep its main rival, Advanced Micro Devices, at bay. Intel has faced similar lawsuits in Asia and Europe, and in May the European Commission fined the company a record $1.45 billion for antitrust violations.

These cases have largely revolved around deals Intel has struck with computer makers and retailers that, regulators say, pressured them into picking the company’s microprocessors — which serve as the central chip inside personal computers and servers — instead of competing products from A.M.D.

15 AIG Executives to Return Bonuses

March 23, 2009

New York state Attorney General Andrew Cuomo says 15 employees who received some of the largest bonuses from American International Group have agreed to return the money in full.

From the Associated Press:

The commitments amount to more than $30 million of the $165 million in bonuses awarded earlier this month by the troubled insurer.

Cuomo says he still hopes that more AIG employees will return their bonuses. He expects his office will be able to recoup roughly $80 million of the money the insurer paid out.

Last week, AIG’s CEO, Edward Liddy, told Congress that some of the employees were going to give the money back. AIG has come under heavy criticism because the bonuses were given to employees after the company received $170 billion in government bailout money.

Fran Drescher Eyes Hillary Clinton’s Senate Seat

December 9, 2008

I can’t picture that voice in Washington…or can I?

The star of “The Nanny” wants to follow in Hillary Rodham Clinton’s footsteps in the U.S. Senate.

From the Associated Press:

Publicist Jordan Brown delivered the straight line that Fran Drescher is serious about becoming the next junior senator from New York. Brown cited Drescher’s experience as an actress, advocate for women’s health and public diplomacy envoy for the U.S. State Department.

The 51-year-old “Saturday Night Fever” and “This is Spinal Tap” actress joins a field headed by Caroline Kennedy and New York Attorney General Andrew Cuomo. New York Gov. David Paterson will appoint Sen. Hillary Rodham Clinton‘s successor if she is confirmed secretary of state in the Obama administration.

AIG Suspending Millions in Executive Payouts

October 23, 2008

It’s about time! American International Group has agreed to suspend payments to executives from a $600 million bonus fund as well as $19 million in payments to its former chief executive, this according to New York’s attorney general Andrew Cuomo.

From the New York Times:

The moves are the latest steps in an effort by the attorney general, Andrew M. Cuomo, to prevent bonuses and other compensation to former executives at A.I.G., which in recent weeks has received tens of billions of dollars in loans from the Federal Reserve. “There should not even be any contemplation of bonuses for executive performance because I find it hard to conceive of a situation that you could justify a performance bonus for management that virtually bankrupted the company,” Mr. Cuomo said on a conference call with reporters on Wednesday afternoon.

According to a letter Mr. Cuomo sent to A.I.G.’s current chief executive, Edward M. Liddy, the company has agreed to freeze $19 million in remaining payments to Martin J. Sullivan, the company’s former chief executive who was ousted in June. Mr. Cuomo said he did not know how much Mr. Sullivan might have already been paid under his employment contract.

The company also agreed not to make any payments from a $600 million deferred compensation and bonus fund for executives of A.I.G.’s financial products unit, which undertook many of the complex financial transactions that pushed the company to the brink of collapse. Mr. Cuomo said that Joseph Cassano, who headed that unit, stood to receive $70 million from the fund.

“We have received the letter and the letter is consistent with our discussions with the attorney general and with actions we have taken,” said Joe Norton, a spokesman for A.I.G.

Mr. Cuomo has already called on A.I.G. to assist in efforts to recover payments already made to executives at the company. On the call with reporters, Mr. Cuomo suggested that his actions offered a template for dealing with executive compensation at companies now receiving taxpayer money through the bailout approved by Congress this month.

AIG Throws Another $86,000 Executive Party

October 17, 2008

AIG is back in the news yet again today for spending thousands of dollars on its executives, even as the New York-based insurer asked for an additional $37.8 billion loan from the Federal Reserve. This time instead of a spa treatment, a number of top executives attended an English hunting trip.

From the Associated Press:

The news comes as New York Attorney General Andrew Cuomo on Wednesday told the insurance giant to do away with golden parachutes for executives, golf outings and parties while taking government money to stay afloat.

Cuomo said he has the power under state business law to review and possibly rescind any inappropriate AIG spending as long as the Federal Reserve is propping up the huge insurer with almost $123 billion in loans announced since Sept. 16.

“This was an annual event for customers of the AIG property casualty insurance companies in the U.K. and Europe, and planned months before the Federal Reserve Bank of New York’s loan to AIG,” company spokesman Peter Tulupman said Wednesday morning.

In a prepared statement later in the day, the company said, “We will continue to take all measures necessary to ensure that these activities cease immediately. AIG’s priority is to continue focusing on actions necessary to repay the Federal Reserve loan and emerge as a vital, ongoing business.”

AIG officials declined to say which AIG executives attended the trip, which reports have said racked up an $86,000 tab. News of the hunting trip surfaced just days after AIG received an additional $37.8 billion loan from the Federal Reserve, on top of a previous $85 billion emergency loan granted last month.

The company said last week it would stop “all non-essential conferences, meetings and activities that do not clearly maximize value and service given the current conditions.”

Last month, and just days after the U.S. government stepped in to save AIG with a $85 billion taxpayer-funded loan, the company picked up a $440,000 tab for a week-long retreat at a posh California resort for top-performing insurance agents.

Lawmakers investigating AIG’s meltdown said they were enraged that executives of AIG’s main U.S. life insurance subsidiary spent a lavish amount on the retreat, complete with spa treatments, banquets and golf outings. Last week, White House Press Secretary Dana Perino called the event “despicable.”