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Obama encourages tempered response to AIG bonus situation

2009-03-24 16:03:00 (GMT) (Caymanmama.com - Business Top Stories News)

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President Barack Obama is trying to fan down the flames of anger he stirred up following the AIG bonuses paid to executives by encouraging a tempered response

Hartford, Connecticut (CaymanMama.com) — President Barack Obama is now trying to fan down the flames of anger he stirred up following the AIG bonuses paid to executives by encouraging a tempered response toward the situation of the rescued insurance giant American International Group.

It is certain that the president will use Tuesday’s prime time news conference as a platform for that message: smoothing over the anti-AIG ferocity, since it now poses a threat to undermine his efforts to bail out the country’s deeply distraught financial sector.

After the House voted last week for targeted taxes to control after the $165 million in bonuses paid to AIG executives, Obama’s mood seemed to change. In fact, many lawmakers felt the president had encouraged their action after calling the AIG decision reckless, outrageous and unjustified.

On Sunday, Obama’s interview on CBS’s “60 Minutes” said he felt the House’s strategy to impose a special tax on AIG executives would be unconstitutional. Using a line from his Feb. 24 speech to Congress, Obama said he would not “govern out of anger.”

According to the Associated Press, in an essay that was published in 31 newspapers around the world Tuesday, Obama wrote: “Rigorous transparency and accountability must check abuse, and the days of out-of-control compensation must end. Instead of patchwork efforts that enable a race to the bottom, we must provide the clear incentives for good behavior that foster a race to the top.”



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