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Geithner: New Bank Fee Would Recoup "Outrageous" AIG Bonuses
Treasury Secretary Timothy Geithner said Wednesday Congress can recoup “outrageous” bonuses for AIG employees.
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WASHINGTON (February 3, 2010)—U.S. Treasury Secretary Timothy Geithner said Wednesday Congress can recoup "outrageous" bonuses for AIG employees through a new bank fee included in President Barack Obama's proposed budget.
American International Group Inc. is set to pay out about $100 million in a fresh round of bonuses to employees.
Geithner called the bonuses, which were negotiated years ago, an "outrageous failure of policy."
Geithner Wednesday asked the House Ways and Means Committee to support the new fee as a way of getting the money back.
The fee, which would be assessed on certain liabilities of the largest firms in the financial sector, would raise about $90 billion over the next decade.
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Geithner ought to bail himself out of office. 90 billion plan over 10 years, what a joke! Mr alias "Tarp" spent 500 billion within six months playing economic God by bailing out toxic leeches like AIG and Sachs who should have rotted away due to their greed and wrongdoings.
