bailout

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AIG Sues US Over Tax Payments

(Newser) - Even as Washington rails against AIG’s bonus giveaway, the insurer is quietly suing the government for $306 million in tax payments, the New York Times reports. AIG’s case hinges largely on its use of offshore tax havens, including one entity that handles executive compensation. It also says it...

Ex AIG Boss: It's Not My Fault

Says he doesn't back retention bonuses

(Newser) - AIG’s former CEO tells CBS that the bonuses now sparking national outrage would not have happened under his watch. Hank Greenberg, ousted in 2005, said he doesn’t back such retention bonuses, blamed the firm's collapse on the "stupidity" of his successors, and thinks the current CEO should...

House OKs 90% Tax on AIG Bonuses

(Newser) - By a 328-93 vote, the House today approved a bill that would recover most of the bonus money awarded to executives of bailout-buoyed AIG by taxing it at 90%. The measure drew significant Republican support, and some Democrats made it clear the legislation is an attempt to persuade execs to...

Auto-Parts Suppliers Get Own $5B Bailout

(Newser) - The US will provide $5 billion in aid to the nation’s auto-parts manufacturers, a sector struggling because of the tenuous financial situation of Detroit’s Big Three car companies, the Wall Street Journal reports today. Many parts makers face bankruptcy, as they have not been paid for product delivered....

House Votes Today on Bonus Clawback

Bill being rushed through would slap 90% tax on bonuses at bailed-out firms

(Newser) - The House will vote today on a hastily crafted bill to claw back bonuses from executives at AIG and other bailed-out firms, reports the Hill. The bill, drawn up by Democratic tax experts, slaps a 90% tax on bonuses over $250,000 at firms that received $5 billion or more...

Dodd: 'I Saved AIG Bonuses at White House Request'

He was follwoing White House orders, sayd Senate Banking Committee chair

(Newser) - The bonus loophole mystery has been solved. Banking Committee Chairman Sen. Chris Dodd added language to the stimulus bill that allowed the AIG bonuses to stand—at the request of the White House, he told CNN. The Connecticut Democrat said he did so reluctantly at the insistence of unnamed Obama...

AIG Bonuses By the Numbers
 AIG Bonuses By the Numbers 
Mar 18, 2009 8:37 AM CDT

AIG Bonuses By the Numbers

NY AG releases breakdown of bonus figures; plans to press AIG for names

(Newser) - AIG's $165 million in bonuses went 418 different ways, according to one angry attorney general. Other figures released by New York Attorney General Andrew Cuomo, who subpoenaed the firm on Monday:
  • 73 employees received bonuses of $1 million or more
  • 11 of those people no longer work for AIG
  • 7
...

AIG CEO: Bonuses 'Distasteful,' Necessary

Liddy says paying employees will help taxpayer in long run

(Newser) - AIG's $165 million bonus payout has produced "a palpable wave of anger," admits Edward Liddy, the insurance giant's government-appointed CEO. But in an op-ed for the Washington Post, Liddy says that paying employees now will prevent "undue risk" and help AIG wind down the most dangerous positions...

Geithner: We'll Deduct AIG Bonuses From Next Bailout

Insurer will be forced to return $165 million, treasury boss says in letter

(Newser) - Treasury Secretary Tim Geithner promised last night that taxpayers wouldn't be paying a penny toward AIG's massive executive bonuses, Bloomberg reports. He explained in a letter to lawmakers that the government would require the insurer to pay back the $165 million from company operations and that an equal amount would...

AIG Chief to Testify Amid Rising Rage

(Newser) - AIG chief Edward Liddy has the not-so-distinct pleasure of testifying before Congress tomorrow just as rage at his company is reaching a full-throated roar. The House and Senate seem to be in a race to see who can recover the $165 million in bonuses faster, the Hill reports. If AIG...

Spitzer: AIG Bailout an 'Inside Job'
Spitzer: AIG Bailout an 'Inside Job'
OPINION
Mar 17, 2009 1:43 PM CDT

Spitzer: AIG Bailout an 'Inside Job'

Scandal isn't bonuses, it's payments to influential debtors

(Newser) - Eliot Spitzer is mad about AIG, and not because it’s giving out bonuses. No, the real scandal, he writes for Slate, is the tens of billions of taxpayer dollars going to pay back AIG’s counterparties. The decision to bail out AIG was made by Henry Paulson, Timothy Geithner,...

Angry Congress Threatens Big Taxes on AIG Bonuses

(Newser) - Outraged lawmakers threatened today to impose new taxes to recoup at least some of the $165 million in bonuses that insurance giant AIG awarded executives and traders after getting billions in federal bailout money. "What is the highest excise tax we can impose that will stand up in court?"...

Wall St. Looks to Skirt Bonus Limits With Padded Salaries

Attempt to skirt new rules could anger shareholders

(Newser) - In a move to skirt government restrictions on executive pay for recipients of bailout cash, some Wall Street companies are discussing raising base salaries, the Journal reports. Citigroup and Morgan Stanley are considering the idea, which is gaining currency as regulators keep a watchful eye on bonuses, say industry insiders....

AIG Uproar Squanders Obama Capital
 AIG Uproar 
 Squanders 
 Obama Capital 
ANALYSIS
Mar 17, 2009 4:47 AM CDT

AIG Uproar Squanders Obama Capital

Anger over AIG creates more obstacles for president's agenda

(Newser) - Mounting outrage over the bonuses paid to AIG execs is threatening to bring Barack Obama's presidential honeymoon to a bitter end, the Washington Post reports. Lawmakers from both parties are demanding answers the administration is struggling to provide, and the uproar is threatening to sap both public and congressional support...

AIG Execs Should Quit or Commit Suicide: GOP Senator

Grassley urges bosses to follow 'Japanese model' and fall on their swords

(Newser) - AIG's bigwigs should follow the "Japanese example" for shamed executives and fall on their swords, Iowa Sen. Charles Grassley believes. The Republican lawmaker told a local radio program that  the bosses responsible for running the business into the ground should bow before the American people and apologize, reports ABC....

Obama Goes After AIG Bonuses

President instructs Geithner to use "every legal avenue" to reclaim funds

(Newser) - President Obama has asked Tim Geithner to use “every legal avenue” to prevent AIG from paying out $165 million in bonuses to top employees who had a hand in the company's near-collapse, the Wall Street Journal reports. "This isn't just a matter of dollars and cents. It's about...

In Bailout Fight, Team Obama Fears Backlash
In Bailout Fight, Team
Obama Fears Backlash
analysis
Mar 16, 2009 8:56 AM CDT

In Bailout Fight, Team Obama Fears Backlash

Prez could be seen as bank 'advocate,' sparking anger

(Newser) - The Obama administration is getting more and more nervous about the possibility of a populist backlash, as anger toward the institutions at the heart of the financial crisis swells, the New York Times reports. That anger may be aimed at anyone linked to Wall Street—including the government that’s...

AIG to Dole Out $165M in Bonuses

(Newser) - Record-breaking losses and $170 billion in federal loans haven't curbed AIG's plan to pay out $165 million in executive bonuses, the New York Times reports. Treasury Secretary Timothy Geithner called up AIG chief Edward M. Liddy to halt the payments, and the company agreed to alter some—but Liddy said...

Waters Helped Get Funds for Bank With Family Ties

Critics see major conflict of interest

(Newser) - Maxine Waters is getting lots of unwanted attention about her role in helping a bank with family ties get a helping of TARP money. Both the New York Times and the Wall Street Journal have stories raising questions about whether the California congresswoman used undue influence to get aid for...

Some Banks Want to Bail on Bailout
Some Banks Want to Bail
on Bailout
Mar 11, 2009 2:20 AM CDT

Some Banks Want to Bail on Bailout

Critics charge growing list of conditions will damage industry

(Newser) - A growing number of banks are seeking to return or avoid government bailout funds because of the lengthening list of conditions attached to the money, the New York Times reports. Critics say the terms—including modification of mortgages and caps on executive pay—smack of economic engineering. Bankers are especially...

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