The head of the insurance giant stated that executives have begun to return bonuses.
Wired PR News – AIG CEO Edward Liddy testified at a congressional hearing on Wednesday that some executives had begun returning their millions in bonus pay. As reported by the Associated Press (AP), Liddy made limited statements regarding payback of the bonuses, offering no direct response to recommendations to pay all of the recently released funds to the Treasury.
AIG, which has been given $182 billion in bailout money from the federal government, has been at the root of recent public and congressional outrage due to their decision to pay out $165 million in executive bonuses.
President Barack Obama is quoted in the report as remarking to reporters on the matter, “The buck stops with me… my goal is to make sure that we never put ourselves in this kind of position again.”
Democrats in Congress are reportedly working on a measure that would lead to the recovery of the $165 million.