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AIG said no taxpayer dollars will be used for any annual bonuses or future cash performance awards for AIG's top management positions. Liddy, who joined the company in mid-September, will not receive an annual bonus this year or next, although he may be eligible for a special bonus for "extraordinary performance" payable in 2010, the company said. When asked to comment on Liddy's decision to take a $1 annual salary for the next two years, and be paid instead with equity grants, Cuomo expressed admiration. "He's putting his money where his mouth is," he said. "If he performs, God bless him." It wasn't immediately clear how much stock Liddy stands to get, but AIG spokesman Peter Tulupman more information would be disclosed in an regulatory filing with the Securities and Exchange Commission. Earlier this month, AIG ended 14 voluntary deferred compensation programs, resulting in $500 million of payouts due in the first quarter of 2009. The company said it made the move to prevent employees from having to leave to collect deferred pay. The old plans had been set up so that employees could defer pay voluntarily and collect it when they left AIG, no matter the reason. Several struggling financial institutions have announced in recent weeks that they are canceling bonuses for top executives, including Goldman Sachs, the Swiss bank UBS and the British bank Barclays. Cuomo has praised those moves and suggested that other Wall Street institutions should follow suit, especially those receiving federal bailout money.
[Associated
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