Former AIG Head Denies He Started Exec Bonuses

WASHINGTON (AP) - The former head of insurance giant AIG is
asserting that the company under his leadership did not have the
type of executive bonus system that has come under harsh criticism
across the country.
Hank Greenberg, who created the financial division of American
International Group Inc. that is at the center of the company's
financial woes, said "absolutely not" when asked about the
so-called retention bonuses.
Greenberg, in an interview broadcast Friday on CBS's "The Early
Show," said that when he was there, "nobody had a contract,
including me. If you didn't do the job, you didn't deserve to be
The current head of AIG, Edward Liddy, charged in a
congressional appearance Thursday that his predecessors were
responsible for the financial problems currently at the company.
CBS said that AIG said in a statement that Greenberg was
incorrect in saying he never put in a system of retention bonuses.

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