Monday, March 16, 2009
President calls $165 million in bonuses an 'outrage to the taxpayers
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.