AIG has agreed to take several steps to curb expenditures and control executive compensation following a meeting between New York Attorney General Andrew Cuomo and AIG Chairman and Chief Executive Officer Edward Liddy in Cuomo’s New York City office, the two said in a joint statement.

Cuomo had sharply criticized AIG’s “unwarranted and outrageous expenditures” on compensation, junkets and perks, and said “we will commence legal action” if the company does not immediately act to curb them.

Joint Statement By AIG, NY Attorney General (10/16/08) (PDF file)

October 21, 2008