Andrew Cuomo: 'FREEZE!' STRS Board: 'Let 'er rip! Heck, it'll make us feel good!'

From a retiree, October 22, 2008

Bloomberg.com, October 22, 2008
Subject: investment staff bonuses

Oct. 22 (Bloomberg) -- American International Group Inc. agreed to freeze $19 million due to its former chief and $600 million in compensation for other executives amid criticism of such payments in light of the collapsed insurer's U.S. bailout.

New York Attorney General Andrew Cuomo announced today that AIG will withhold severance and bonus payments from former Chief Executive Officer Martin Sullivan and will not distribute funds from the $600 million deferred compensation and bonus pools of AIG's Financial Products subsidiary.

Cuomo last week demanded that AIG, once the world's biggest insurer, stop ``extravagant'' expenditures and recover millions of dollars in unreasonable payments, or face legal action. The New York-based insurer submitted to a U.S. takeover last month and already has tapped two-thirds of its $122.8 billion Federal Reserve credit line.

``Until the taxpayers recoup their investment in AIG, which is now in excess of $120 billion plus interest, there should not even be any contemplation of bonuses for executive performance,'' Cuomo said today in a conference call with reporters.

Shouldn't this apply to STRS?