The president vows to stop the company from paying out high executive bonuses.
Wired PR News – President Barack Obama has expressed intentions to stop insurance giant AIG from paying out high bonuses to executives. As reported by the Associated Press (AP), Obama stated on Monday that he would attempt to block the company from paying millions in bonuses amid public anger over recent reports on the company’s actions.
The president is quoted as stating, “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.”
Obama further noted that the company had received a significant amount of federal government aid, and is quoted as stating that Treasury Secretary Timothy Geithner has been asked “to use that leverage and pursue every legal avenue to block these bonuses and make the American taxpayers whole.”
As noted in the AP report, the recent $165 million executive payout is part of $450 million to reportedly be paid out overall.
Photo Credit: Ari Levinson
