Daily Briefing

DAILY BRIEFING

March 24, 2009

15 AIG workers agree to return bonuses

NEW YORK : New York 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. The commitments amount to more than $30 million of the $165 million in bonuses awarded this month by the troubled insurer. Cuomo says he hopes that more AIG employees will return the bonuses. He says that he expects his office will be able to recoup about $80 million of the money the insurer paid out. Last week, Edward Liddy, AIG's chief executive officer, 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.

Medical center names Olscamp its CEO

Karen E. Olscamp, former senior vice president and chief operating officer of Baltimore Washington Medical Center, has been appointed president and chief executive officer of the Glen Burnie hospital. Olscamp had been serving as interim president and CEO since August, when her predecessor, James R. Walker, retired. "As interim CEO, [Karen] earned the support of the entire BWMC community," Robert A. Chrencik, president and CEO of the University of Maryland Medical System, BWMC's parent, said in a written statement. "We know that with Karen at the helm, BWMC will continue to meet the needs of the growing community by providing the highest quality, compassionate patient care." Olscamp, who lives in Davidsonville, received a bachelor's degree in 1981 from the University of Rochester and a master of health services administration degree in 1987 from George Washington University. She became senior vice president and chief operating officer of BWMC in 1997.

Found Madoff assets said to reach $1 billion

NEW YORK: A lawyer for the trustee seeking to find disgraced financier Bernard Madoff's assets for investors says more than $1 billion has been found. Attorney David Sheehan says $75 million in an account in Gibraltar raises the amount being pursued past the $1 billion mark. Sheehan spoke after a civil court hearing Monday. Madoff was sent to prison nearly two weeks ago after he pleaded guilty to charges that he ripped off thousands of investors for billions of dollars.

Associated Press

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