White House czar calls AIG bonuses ‘outrageous’

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Published: February 3,2010

Tags: bailout, recession

WASHINGTON — Executives in AIG’s financial products division are getting $100 million richer, and the White House pay czar calls the bonuses “outrageous.”

However, Kenneth Feinberg said the payments are contractual obligations entered into years ago. And he pointed out that AIG executives have pledged to repay $39 million out of $45 million in previous bonuses to the U.S. Treasury.

The insurance giant was hit hard by Wall Street’s meltdown in 2008 and still hasn’t repaid all of the $180 billion the government gave to rescue it from financial disaster. Feinberg told ABC’s “Good Morning America” on Wednesday that he is using whatever leverage he has to get that money returned to the taxpayers.

Feinberg said the contracts that obligate the company to pay the bonuses expire in March.

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One Response to “White House czar calls AIG bonuses ‘outrageous’”

  1. Burt Says:

    If all these clowns in Washington think it is so outrageous, why don’t they do something. If they don’t have the guts to do it , then the people of America can and will vote them out of office and get someone that will do it. It is time for the people of America to wake up and be heard.

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