Mar 17 2009
Obama and AIG At Odds Over Stimulus Spending for Bonuses
AIG has drawn attention from the White House by paying bonuses to executives, essentially with Stimulus funds. Of the $180 billion given to AGI for its bailout, $165 million was used to reward executives for a job well done. President Obama spoke harshly of the firm saying, “This is a corporation that finds itself in financial distress due to recklessness and greed,” Obama continued. “Under these circumstances, it’s hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay.”
