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March 18, 2009 at 4:16 am
WASHINGTON (Reuters) – The Obama administration turned up the heat on AIG on Tuesday over its employee bonuses, saying the embattled insurer will be forced to repay U.S. taxpayers before it gets another bailout of $30 billion.
Treasury Secretary Timothy Geithner laid out the conditions in a letter to congressional leaders as irate lawmakers moved quickly toward legislation that would slap a heavy tax on $165 million in bonuses paid by American International Group Inc.
The AIG affair has aggravated public anger over the rescues of big business as President Barack Obama’s new administration works to stabilize the financial system and pull the economy out of recession.
medford mail tribune medford mail tribune medford mail tribune sucks medford mail tribune medford mail tribune medford mail tribune sucks”We will impose on AIG a contractual commitment to pay the Treasury from the operations of the company the amount of the retention awards just paid,” Geithner said in the letter.
He also said the Treasury would deduct $165 million from the $30 billion in additional taxpayer funds announced for AIG on March 2.
“We will continue our aggressive efforts to resolve the future status of AIG in a manner that will reduce the systemic risks to our financial system while minimizing the loss to taxpayers,” Geithner wrote.
“And we will explore any and all responsible ways to accelerate this wind down process.”
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“We will impose on AIG a contractual commitment to pay the Treasury from the operations of the company the amount of the retention awards just paid,” Geithner said in the letter.
He also said the Treasury would deduct $165 million from the $30 billion in additional taxpayer funds announced for AIG on March 2.
“We will continue our aggressive efforts to resolve the future status of AIG in a manner that will reduce the systemic risks to our financial system while minimizing the loss to taxpayers,” Geithner wrote.
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“And we will explore any and all responsible ways to accelerate this wind down process.”