'Because I'm scared to death of being photographed with my staff with a beer in my hand at Christmas or Chinese New Year, we cancelled every party; I've cancelled every agent event.' -- Leslie Mouat, AIG's president for South-east Asia.
American International Group's president for South-east Asia, Leslie Mouat (far left), said the 'abuse' against the insurer's employees amid furor over bonus payments is 'unfair,' and he would give up his own payout if asked. --ST PHOTO: JOYCE FANG
AMERICAN International Group's president for South-east Asia, Leslie Mouat, said the 'abuse' against the insurer's employees amid furor over bonus payments is 'unfair,' and he would give up his own payout if asked, Bloomberg news reported on Monday.
'I got a bonus last week; it's the worst bonus I've had in several years,' Mr Mouat said in an interview in Singapore on Monday. 'It's not multimillion dollars like some; it's less than $100,000. If people want it back I'll come up with a cheque tomorrow. It's no longer about money; this is about people.'
Mr Mouat said he is seeking to convince commercial clients that the unit providing property and liability coverage that he oversees in South-east Asia is separate from the problems at AIG. The firm's business in the region is 'still exceptionally profitable' after revenue of $1.3 billion in 2008, he said.
'I see as many customers as I possibly can everyday to explain that everything's secure,' he said. 'They have got no need to be concerned; they've got the power of US$40 billion of capital and US$26 billion of surplus behind every insurance policy we sell.'
New York-based AIG, which received a US$173 billion federal bailout, sparked an outcry by paying US$165 million in bonuses this month to employees of the financial products unit that almost bankrupted the company. AIG Chief Executive Officer Edward Liddy has asked employees paid bonuses exceeding US$100,000 to repay half.
The US House responded to public outrage last week by voting to impose a 90 per cent tax on employee bonuses at AIG and other companies that get at least US$5 billion in taxpayer bailout funds. AIG said it lost a total of US$61.7 billion in the fourth quarter, a record for any US corporation.
Mr Mouat, based in Singapore, said while he is 'angry' with the bonus payments, those in the financial products unit represent just '400 of 120,000' people that AIG employs and that the 'problem is isolated to one small place.'
Still, the firm receives '15,000 e-mails a day of hate mail on the AIG Web site,' he said. 'I was going down in an elevator with a lady who's been with our company for 27 years', Mr Mouat said. 'And she's frightened to ride the subway or the bus home because of the abuse she receives in New York.'
Tour buses that take photographs of the firm's property- casualty offices at Water Street in downtown Manhattan 'make me laugh,' Mr Mouat said. '175 Water Street is the headquarters of the non-life company; there's nobody from AIG Financial Products there at all.'
