US insurance giant AIG's plan to give massive bonuses of $165 million to its executives has drawn flak from the White House leaders, with President Barack Obama vowing to pursue legal measures to block these payments.
"This is a corporation that finds itself in financial distress due to recklessness and greed. Under these circumstances, it's hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay," Obama said on Monday.
"I mean, how do they justify this outrage to the taxpayers who are keeping the company afloat?"
Image: The American International Group building in New York. Shannon Stapleton/Reuters
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