President Barack Obama, trying to contain a political firestorm, instructed Treasury Secretary Timothy Geithner “pursue every legal avenue” to block $165 million in bonuses to AIG executives who were in part responsible for the company’s near collapse.
“This is a corporation that finds itself in financial distress due to recklessness and greed,” Mr. Obama said ahead of announcing a plan to rescue small businesses through a raft of new lending options. “Under these circumstances, 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?”
Full Article at Wall Street Journal