Monday, March 16, 2009

Obama seeking ways to block AIG bonuses

President calls $165 million in bonuses an 'outrage to the taxpayers

Associated Press
updated 1 hour, 54 minutes ago

NEW YORK - President Barack Obama on Monday issued a blistering attack on American International Group and pledged to stop the struggling insurance and investment giant from paying out millions in executive bonuses.

AIG has taken $170 billion in federal bailout funds, and the company announced over the weekend that it was bound contractually to pay out tens of millions in executive bonuses, prompting a storm of criticism inside the Obama administration.

The $165 million was payable to executives by Sunday and was part of a larger total payout reportedly valued at $450 million.

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