I want every red cent of tax payers’ money for bonuses paid back before you even think about giving out any more bailout.
If this is the best Liddy can do, send him packing and the rest of the executives that are getting these big bonuses.
I here Chine is looking for executives.
“We as a Congress are not defenseless.” So, Congress, when are you going to do something, beside talk talk talk?
Geithner Vows to Recoup AIG Bonuses as Lawmakers Express Fury
Geithner, who has come under fire from Congress over the AIG payments, said in a letter to lawmakers last night the government will recover the money by requiring it be repaid from company operations and deducting the amount from the next $30 billion in aid being provided to the insurer.
Millions lost their jobs; it’s an outrage that the people who somewhat caused this problem are now paying themselves bonuses.
New York-based AIG paid $165 million in executive bonuses after taking taxpayer-funded bailouts totaling $173 billion. AIG also budgeted $57 million in “retention” pay for employees who will be dismissed, according to a March 2 filing to the Securities and Exchange Commission.
“We will impose on AIG a contractual commitment to pay the Treasury from the operations of the company the amount of retention rewards just paid,” Geithner wrote. “In addition, we will deduct from the $30 billion in assistance an amount equal to the amount of those payments.”
The political heat generated by AIG bonuses indicates declining public and congressional support for shoring up beleaguered financial institutions with government funds, and may make it tougher for President Barack Obama’s administration to win approval for future bailouts.
Most appallingly, while millions of Americans struggle through this economy, those who have received the largest measure of taxpayer assistance from the Treasury Department have shown no restraint.
Senator Charles Schumer, a New York Democrat, said in a speech on the Senate floor that he, Reid and other lawmakers sent a letter to AIG’s Liddy asking executives to return the bonuses to their “rightful owners।” He said if the money isn’t refunded, Congress will pass laws to “tax these bonuses at a very high rate.”
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