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Many In Government Knew Weeks Ago About Huge AIG Bonus Program

First Posted: 04/19/09 06:12 AM ET Updated: 05/25/11 02:10 PM ET

Aig

New York Times:

WASHINGTON -- The question was direct and prescient. Representative Joseph Crowley, Democrat of New York, asked the Treasury secretary in an open hearing what could be done to stop American International Group from paying $165 million in bonuses to hundreds of employees in the very unit that had nearly destroyed the company.

Timothy F. Geithner, the Treasury secretary, responded by saying that executive pay in the financial industry had gotten "out of whack" in recent years, and pledged to crack down on exorbitant pay at companies like A.I.G. that were being bailed out with billons of taxpayer dollars.

Read the whole story: New York Times

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Filed by Marcus Baram  |