AIG's 2008 Bonus Total Nearly Quadruples to $454 Million in Latest Revision

The AIG bonus debacle keeps getting bigger.

Responding to detailed questions from Rep. Elijah Cummings, D-Md., the company now says it doled out more than $454 million in bonuses to its employees for work performed in 2008, a marked increase from the $120 million it claimed in March to have paid out.

Cummings told Politico, which first reported the story, that he was "shocked to see that he number has nearly quadrupled this time."

"I simply cannot fathom why this company continues to erode the trust of the public and the U.S. Congress, rather than being forthcoming about these issues from the start," he told Politico.

These numbers are in addition to the $165 million in retention bonuses paid to employees of a division of the company known as AIG Financial Products. The disclosure of those payments triggered a political wildfire earlier this year.

Earlier this year, CEO Edward Libby told a House Financial Services Subcommittee that the amount was "in the range of $9 million."

AIG spokesman Nick Ashooh said a few days later it was $120 million.

Now with the total pushing half a billion, AIG defended the revised figure in a statement.

"Congress asked us for additional information regarding all performance compensation paid to employees around the world," AIG spokeswoman Christina Pretto said. "We have provided details on some 374 variable performance plans for work done by lower level employees last year. These are not new payments and are not part of AIG's corporate executive bonus pool, which we reported in March was approximately $120 million."