Obama, Congress pledge action over AIG bonuses
As anger grows over the millions of dollars bailed-out insurer AIG paid to employees in the form of bonuses, President Barack Obama and members of Congress say they?ll step in.
The company gave out about $165 million in bonuses to its executives after receiving billions in taxpayer dollars.
Obama says he'll adjust the next federal bailout payment to AIG to compensate for any payments made to the insurance executives. He says those executives are partly to blame for the current economic situation.
Congress threatened Tuesday to impose new taxes to recoup at least some of the bonus money. AIG, however, says the bonuses were contractual.
"The people who got those bonuses won't be able to keep all that money," Majority Leader Harry Reid declared on the Senate floor.
New York State Attorney General Andrew Cuomo has subpoenaed a list of those who received the bonuses as part of his ongoing investigation.
AP wire reports contributed to this article.