Mar 17

Obama Expressed Outrage Over AIG Bonuses

President Barack Obama was choked up with anger upon learning of the $165 million bonuses that will be given to AIG executives following approval of another bail out extended to the company. The President ordered officials to take all legal measures to block the bonuses. The US government has already spent up to $180 billion in taxpayer money to save AIG, yet the company still remains in the red. A Treasury official reported Monday that the government will modify a planned $30 billion capital injection for AIG to try and recoup the hundreds of millions in bonuses. They plan to attach new provisions to the terms of its latest rescue package to force the repayment of the bonuses.

Moreover, New York Attorney General Andrew Cuomo said he will subpoena the company for more information, including the names of those enriched by the bonuses. Cuomo also told reporters during a conference call that he believed the bonus payments were paid last Friday. He is pressing on the immediate release of the information to determine whether any of the individuals receiving such payments were involved in the conduct that led to AIG’s demise and subsequent bailout. AIG spokeswoman Christna Pretto reports that they are in contact with the attorney general and will respond appropriately to the subpoena. Earlier, AIG claimed that its hands were tied contractually over $165 million in bonuses due to AIG employees on Sunday.

Shouldn’t they be grateful enough they still have a job while almost 4 million Americans are already unemployed? Insisting on bonuses milked from taxpayers is indeed an outrage when millions are now temporarily depending on welfare to survive.

[Slashdot] [Digg] [Reddit] [] [Facebook] [Technorati] [Google] [StumbleUpon]



Leave a Reply

Your email address will not be published. Required fields are marked *


This site uses Akismet to reduce spam. Learn how your comment data is processed.