News of insurance company AIG – which has received billions of dollars in aid from the U.S. government – giving employees millions of dollars in bonuses, has angered Americans as well as many overseas. It also has angered President Obama.
Describing the company as “a corporation that finds itself in financial distress due to recklessness and greed,” President Obama said he has asked Treasury Secretary Geithner to “pursue every single legal avenue to block these bonuses.”
“I want everybody to be clear that Secretary Geithner has been on the case,” the president said.
The situation with AIG underscores a need for overall reform of the American financial system, Obama said, “so we don’t find ourselves in this position again.”
Comments (14)
bharat kumar shrestha
17 March 2009 at 03:06 EDT
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mr. obama is right.AIGs decicsion is certainly outrageous, the helping with fund for one purpose and company using for else is disgusting.don’t rhat MD or CEO has got some sense ,ahat rediculos decision he has made
U Geller
17 March 2009 at 04:29 EDT
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This guy is the biggest fraud ever perpetuated on the American public. No background amd no experience in anything and he has to read everything off a teleprompter. Give me a break. This guy may not last one term. We should impeach him for incompetance before it is too late for the country to recover. He will incapacitate the entire country and drag us all down. We should dump him before it is too late.
BESONG RASTANIC TAKANG
17 March 2009 at 09:16 EDT
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I Believe Mr. OBAMA is right because these intitution are just recovering form recession as the President mentioned.
Jackson
17 March 2009 at 09:52 EDT
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I love you obama
Jackson
17 March 2009 at 09:52 EDT
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Obama’s my hero!
Jackson
17 March 2009 at 09:55 EDT
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Me and Barack are on speaking terms. We meet every day for lunch at the local chang.
Thomas
18 March 2009 at 16:27 EDT
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Even though it is unpopular for the executives to recieve these bonuses, AIG is legally obligated to fulfill their contracts. When the popular idea trumps the law, watch out. First Chris Dodd puts an amendment into the stimulus bill that allows these bonuses, then acts outraged that they are given out. Where is the outrage for the $101,000 that AIG gave to President Obama? Where is the outrage on the bonuses given to Fanny May and Fredie Mac executives?
george sabat
19 March 2009 at 16:23 EDT
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We should know a lot more before we can decide fairly on that case. At first sight it appears ludicrous to pay bonuses to some people who may be guilty of poor judgement, to say the least.
However, I repeat, let us find out more about this entire business.
Somebody at AIG should publish a clear and transparent report on this unfortunate affair and provide some detailed explanations and facts.
Why are the directors paid these bonuses? How much do they amount to?
What is the extent of the responsibility of these directors in the losses sustained by AIG?
How do these directors plan to act to try and reverse the catastrophic financial situation of their firm?
We need clear answers to these questions before bringing some judgement on the case.
radika
21 March 2009 at 00:49 EDT
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Obamas inexperience shows off.I even wonder weather he is able to believe his own words when he talks about recovery on television channels.We have to give him time.
Ogbonnia
23 March 2009 at 01:40 EDT
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For me, President Obama stand is the best. We are with you Mr President.
Venkanna3658
24 March 2009 at 01:25 EDT
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He is good administrator but lavk of vision on past and future. The US pressure on India to vacate its forces on J& K border means that it is medling its feet in this subcontinent and make its presence in one of the future superpowers. He should be bold and resolve the issues amicably and seeing practical view. Otherwise India is still of strength to SHOW OFF their CAPTIVE PATTERN TANKS in front the Rashtrpati On the JANPATH in NEW DELHI.
Edge
24 March 2009 at 07:11 EDT
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Well golly gee!! All anyone had to do was read the bill that nobody read. The United States Congress is inept, out of touch and the Obama adminsistation follows suit. You should all start looking for jobs.
Eric Hull
29 March 2009 at 06:08 EDT
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Have we forgot the constitution. These people were under contract. There was an agreement made. Does anybody really believe that the US government didn’t know about those contracts? They did and Obama’s own advisors were the ones that allowed these bonusses to happen because they didn’t want us to know about the other 180 billion that was given to foreign entities…. Non American etities that took the money offshore! It’s the old look at the fist so I can kick you in your shin trick!
Different President same story. Look at his economic policy in contrast to Bush’s and you won’t be able to see much difference. except that Obama is better at basketball! We the American people have allowed governemnt to get so large and have so much control over the economy with over 33% of the GDP being spent by the government, a body of non producing taxing fools. That is 33% of our economy that does not produce anything, no products, no services, they just produce crooked politicians!!! We haven’t had real free markets since the late 19th century, after Woodrow Wilson’s presidency we see that the Government continually accounts for at least 20% of the GDP and this isn’t by production it is through spending!
God give us the Streangth to Save Ourselves!!!
If you disagree please tell me why I would like to understand your views!!! I’m only 24 so I acknowledge I could be wrong! Are you willing to admit the same?
g w
Location: america
24 October 2009 at 20:25 EDT
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Terrorism?,Sleeper cells? Welcome to Obama’s communist sleeper cell.It has been in America since before senator Joe Macarthy’s unsuccessfull fight to rid our country of this threat to freedom.The U.S. Constitution protects the rights of individual’s political beliefs and during President Nixon’s administration,the supreem court ruled that communists cannot be barred from U.S. government employment.Communists Marxists and sympthyzers have found a safe haven among the Empathetic Progressive Liberals of the Democratic Party.(Republicans were not so progressive,too conservative and deeply rooted in preserving the constitution).So up until recently the “Communist Sleeper Cell”lay in the shadows and under rocks,quietly plotting,planning and “ORGANIZING”(one of Obama’s favorite words/activities)until they felt safe enough to go public.Now we have as many marxists in the White House as you might expect to find drunks laying about a frat house.AMERICANS WAKEUP!!TAKE BACK OUR COUNTRY BEFORE IT’S TOO LATE!! MR. Obama WE THE PEOPLE…WILL NOT STAND DOWN!!!!!GOD BLESSED NOW GOD WILL SAVE AMERICA