ALBANY, N.Y. (AP) -- New York Attorney General Andrew Cuomo says Citigroup executives should forgo their bonuses this year after the company announced massive layoffs.
Calling the layoffs of 53,000 people "disturbing," Cuomo says top executives shouldn't get bonuses while investors, taxpayers and employees suffer.
Cuomo adds that other companies should consider doing the same, including American International Group, which has received billions of federal bailout dollars.
In October, Cuomo's office asked nine banks to turn over information on bonuses. He wants to ensure none of the $125 billion the banks received from the government's Troubled Asset Relief Program will be used on executive pay.
Goldman Sachs Group announced Sunday its top executives won't get bonuses this year.
The bonuses that these "executives" have received over the last many years are vile, and horrendous. While many, many employees are laid-off (many with families to clothe and feed), these "high-powered people" often leave with Hundreds of millions of dollars in bonuses, stock options, etc.
It has never sat well with me. We are indeed the laughingstock of the world when we treat our work force with such disdain and disregard. Look at the airline industry. United Airlines went bankrupt, and their top CEO left the company with a huge bonus.
The tired, old excuse of "we have to attract and retain good talent in those spots" is nothing more than old and tired. It's also untrue.
Thank you, Attorney General Cuomo for serving the people of the Great State of New York with such integrity and care. You do this nation proud.