AIG Being Forced to Pay back the Bonuses
>> Wednesday, March 18, 2009
US is forcing the ailing insurer AIG to pack back the highly controversial bonuses it awarded after taking public bail-out money.73 AIG executives - including 11 who no longer work for the company - were each last week given bonuses worth more than $1m.
Geithner Faces Heavy Censure:
US treasury secretary Geithner is already facing heavy criticism for his handling of the increasingly controversial issue.Geithner in a letter to congressmen said that $165m would also be taken from $30bn the firm is due to get as part of its government bail-out. Also promising that a contractual commitment will be imposed on AIG to pay the Treasury from the operations of the company the amount of the retention awards just paid.
"Outrageous" Bonuses:
Obama called the AIG bonuses "an outrage" on Monday. Obama is trying to channelize the public frustration without himself becoming the object of anger.
Republicans have raised questions about when Obama was told about the bonuses - and also criticized Mr. Geithner for not preventing the payments before they were paid. The US Treasury plans to renegotiate the deal.
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