Obama berates AIG, vows to block bonuses
WASHINGTON: US President Barack Obama called AIG reckless and greedy during a blistering attack on Monday in which he pledged to try to block the insurance giant from handing its executives millions of dollars in bonuses after taking billions in federal aid.
The White House said it's looking at restrictions on some $30 billion in taxpayers' money approved to help American International Group as the administration tries to reclaim or block the huge bonuses the struggling company awarded its executives.
Obama expressed outrage at reports that AIG went ahead with $165 million in bonuses even though the company received more than $170 billion in federal rescue money. Obama directed Treasury Secretary Timothy Geithner to see whether there was any way to retrieve or stop the bonus money.
