Post by dgriffin on Mar 15, 2009 17:14:41 GMT -5
ABC News
Widespread Backlash Over AIG Bonuses
Anger Builds Over Big Bonuses Paid to Execs of Taxpayer-Funded Company
The Obama administration had one word today for insurance giant AIG's plans to award senior executives hundreds of millions of dollars in bonuses and retention pay: "outrageous."
President Barack Obama's chief economics adviser Lawrence Summers commented on insurance giant American International Group's plan to award senior executives hundreds of millions of dollars in bonuses and retention pay.
Today in Washington, others had a lot more to say.
"There are a lot of terrible things that have happened in the last 18 months, but what's happened at AIG is the most outrageous," Lawrence Summers, chairman of the White House National Economic Council, said this morning on ABC's "This Week With George Stephanopoulos. "What that company did, the way it was not regulated, the way no one was watching, what's proved necessary, it is outrageous."
Summers repeated the characterization several times on the morning talk show circuit.
Lawmakers, too, are furious at the payout of big bonuses at a company that has so far eaten up $170 billion in taxpayer money, and whose risky behavior has helped push the economy into one of the biggest financial crises in American history.
abcnews.go.com/Business/story?id=7087396&page=1
Well, let us hear all the breast beating. But the bonuses WILL be paid, of course.
Widespread Backlash Over AIG Bonuses
Anger Builds Over Big Bonuses Paid to Execs of Taxpayer-Funded Company
The Obama administration had one word today for insurance giant AIG's plans to award senior executives hundreds of millions of dollars in bonuses and retention pay: "outrageous."
President Barack Obama's chief economics adviser Lawrence Summers commented on insurance giant American International Group's plan to award senior executives hundreds of millions of dollars in bonuses and retention pay.
Today in Washington, others had a lot more to say.
"There are a lot of terrible things that have happened in the last 18 months, but what's happened at AIG is the most outrageous," Lawrence Summers, chairman of the White House National Economic Council, said this morning on ABC's "This Week With George Stephanopoulos. "What that company did, the way it was not regulated, the way no one was watching, what's proved necessary, it is outrageous."
Summers repeated the characterization several times on the morning talk show circuit.
Lawmakers, too, are furious at the payout of big bonuses at a company that has so far eaten up $170 billion in taxpayer money, and whose risky behavior has helped push the economy into one of the biggest financial crises in American history.
abcnews.go.com/Business/story?id=7087396&page=1
Well, let us hear all the breast beating. But the bonuses WILL be paid, of course.
Don't worry about growing up just yet. That was pretty damn funny. 
