Obama outraged with AIG

Speaking before a group of small business owners, armed with a new plan to help struggling American employers keep their doors open, President Barack Obama first expressed his anger with insurance giant AIG.

Late last week it was reported that American International Group would issue 165 million dollars to its executives in the form of bonuses. But AIG is not a normal company, it’s only surviving because of government infusions. So far it’s received almost 170 billion dollars in federal rescue funds, tax payer money, to keep the company afloat and financial markets falling further. Bailout funds apparently have not been helping to sure up AIG’s bottom line. In early March AIG records show the company lost 61.7 billion dollars in the fourth quarter of last year; the greatest loss in history for a large corporation.

"It's hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay," Obama said.
"How do they justify this outrage to the taxpayers who are keeping the company afloat."
"All across the country, there are people who work hard and meet their responsibilities every day, without the benefit of government bailouts or multimillion-dollar bonuses. And all they ask is that everyone, from Main Street to Wall Street to Washington, play by the same rules."

During the tongue lashing of AIG, Mr. Obama choked up, explaining his anger was getting the best of him. The President reassured today’s audience that his administration “will pursue every legal avenue to block these bonuses.” He noted that Secretary of Treasury Timothy Geithner was already in talks with AIG chairman Edward Liddy. Obama says the two men will rectify the situation. “Everybody involved needs to know this is not just about dollars and cents, it’s about values,” said the President.