AIG to Pay $165 Million in Bonuses Using Bailout Money
It was revealed today that insurance giant AIG is planning to give over $100 million in bonuses to its top executives using the bailout money given to it by the government. AIG insists that it's contractually obligated to pay out the bonuses, even with taxpayer money, but that hasn't stopped President Obama from expressing outrage at the company's plan and vowing to do everything possible to block the bonuses.
“Under these circumstances, it’s hard to understand how derivative traders at
A.I.G. warranted any bonuses at all, much less $165 million in extra pay,” said Obama in a press conference. “How do they justify this outrage to the taxpayers who are keeping
the company afloat?”
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