CRP Blog

Tuesday, May 5, 2009

AIG Payouts Grow From $120 Million To $454

After being widely criticized for doling out an estimated $120 million in bonuses to its executives, it was revealed on Tuesday that AIG actually paid out almost 4x that number.

In a POLITICO story, it was reported that AIG, in response to a congressional inquiry, issued a new report of executive compensation paid out. The new figure totaled $454 million.

AIG received $170 billion in bailout funds.

After Senator Chris Dodd's admission last month that it was the Obama administration that asked for executive compensation protections, it's now clear that the administration was complicit in an executive payout scheme that is nearly four times higher than what the public originally thought.

President Obama and his Treasury Secretary, Tim Geithner, have been negligent with the taxpayer's money in an egregious manner. Rather than talk out of the other side of his mouth, as when the AIG bonuses first became public, President Obama needs to take responsibility for this outrageousness, apologize, and explain to the American people how he could let this happen.

Link to POLITICO article:

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