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Obama angry at AIG’s million dollar bonuses to execs

2009-03-17 21:35:14 (GMT) (Caymanmama.com - Business News)

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Tensions are running high as news comes from the White House that President Barack Obama is more than upset at insurance giant AIG’s plans to pay out high bonuses to executives

Baton Rouge, Louisiana (CaymanMama.com) — Tensions are running high as news comes from the White House on Tuesday that President Barack Obama is more than upset at insurance giant AIG’s plans to pay out high bonuses to executives.

The Associated Press reports that Obama made it clear on Monday of his attempts to bar the company from paying out the millions of dollars in bonuses.

Obama said, “It’s hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay… How do they justify this outrage to the taxpayers who are keeping the company afloat.”

Obama further explained that AIG was quick to collect the substantial amount of federal government aid, as made it known that he asked Treasury Secretary Timothy Geithner “to use that leverage and pursue every legal avenue to block these bonuses and make the American taxpayers whole.”

It was reported that AIG’s recent $165 million executive payout is only a small portion of $450 million to be paid out in total.



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