White House czar calls AIG bonuses ‘outrageous’
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.
To sign up for Mississippi Business Daily Updates, click here.
One Response to “White House czar calls AIG bonuses ‘outrageous’”
Top Posts & Pages
- Planters Bank promotes at 3 locations
- Source: Bryant has offered Glenn McCullough MDA job
- COMMERCIAL FINANCE 701: Loans disguised as government bonds (BOANs)
- Two new casinos like the odds on Mississippi Gulf Coast
- TRANSITION AT THE MDA — Is Mississippi better off than it was 3 years ago?
- (WITH VIDEO) Funding secured for Capitol Art Lofts in downtown Jackson
- WRESTLING SUCCESS — Ted DiBiase Jr. leaves ring to become entrepreneur
- PHIL HARDWICK: The third grade reading gate, book buddies and school principals
- Nehi Bottling Company has been a Cleveland fixture for 85 years