Reid: Congress intends to retrieve some AIG money

[ProSense]

Reid: Congress intends to retrieve some AIG money

By LAURIE KELLMAN, Associated Press Writer

WASHINGTON – Senate Democratic Leader Harry Reid said Tuesday Congress will force executives of American International Group to pay back at least some of the $165 million in bonuses they received after the insurance giant got billions in federal bailout money.

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"This is ridiculous," exclaimed Sen. Jon Tester, D-Mont. He said AIG executives "need to understand that the only reason they even have a job is because of the taxpayers."

Sen. Sam Brownback, R-Kan., said that any AIG executive who received a bonus should return it or be fired.

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Earlier this month, Sen. Robert Menendez, D-N.J., a member of the Senate banking committee, sent a letter to Geithner urging him to investigate bonuses reportedly planned by Morgan Stanley and Citigroup's Smith Barney as well as deferred guaranteed bonuses being considered by Bank of America.

Morgan Stanley's joint brokerage venture with Citigroup was reportedly planning to pay its brokers up to $3 billion in retention bonuses to keep them from jumping to other firms. Wells Fargo & Co., however, decided not to make such retention payments to Wachovia Corp.'s brokers. Wells Fargo acquired Wachovia in December.

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Do it.

[marshall]

1. Translation: We fucked up bad, but we're really really sorry

Surely they're not saying they didn't read the paperwork before they signed it and handed out the money? Anything that can be done at this point is a drop in the bucket. This tidal wave should have been stopped before the dam broke, not after. They wrote up an agreement that left the taxpayers with no coverage and gave all the power to the fat cats. Now that the public is outraged it has suddenly become an issue.

[Gin]

2. the road to hell is paved with good intentions...show me the money

words are cheap!