What your tax dollars bought on Sunday – $170 Million in bonues to AIG

From Yahoo:

WASHINGTON – American International Group is giving its executives tens of millions of dollars in new bonuses even though it received a taxpayer bailout of more than $170 billion dollars.

AIG is paying out the executive bonuses to meet a Sunday deadline, but the troubled insurance giant has agreed to administration requests to restrain future payments.

The Treasury Department determined that the government did not have the legal authority to block the current payments by the company. AIG declared earlier this month that it had suffered a loss of $61.7 billion for the fourth quarter of last year, the largest corporate loss in history.

Treasury Secretary Timothy Geithner has asked that the company scale back future bonus payments where legally possible, an administration official said Saturday.

This official, who spoke on condition of anonymity because of the sensitivity of the issue, said that Geithner had called AIG Chairman Edward Liddy on Wednesday to demand that Liddy renegotiate AIG’s current bonus structure.

Geithner termed the current bonus structure unacceptable in view of the billions of dollars of taxpayer support the company is receiving, this official said.

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March 15, 2009 · Filed Under Tim Geithner


Comments

  • http://None CK aka Karolyn

    $170,000,000,000.00 in bonuses, $61,700,000,000.00 in quarterly losses for AIG…..wow according to the new math that’s a $231,700,000,000.00 testimony to change and the power of printing Mr Gutenberg would be happy about….break out the old German wheel barrows, and print for CHANGE….ugh. I mean it would be very “unPC” to think anyone was wrong or to blame for this…unless people can make a game tossing shoes and Bush. I have a feeling the “Sounds of Silence” of late have been the liberals reverse peristalsis on thier own BS.