House Votes Today on Bonus Clawback

Company gives congressman the biggest figure yet

(NEWSER) - Lawmakers and journalists keep pressing AIG about how much it paid out in bonuses in 2008, and the number keeps getting bigger, reports Politico. In response to a query from Rep. Elijah Cummings, the company now says it paid $454 million, about 4 times the figure it told Politico in March. The figure does not include $165 million in controversial retention payments to employees of a unit that caused AIG much of its financial grief. More»

Lawmakers likely to let special tax die, with the nod from Obama

(NEWSER) - With populist outrage cooling and the White House even cooler, the 90% AIG bonus tax that sailed through the House last week is stalled in the Senate, where it's likely to die, reports Bloomberg. Majority Leader Harry Reid said yesterday this week will be devoted to debating national service and the budget—with Congress taking spring break in just two weeks, that pushes the tax bill into late April. More»

NY AG releases breakdown of bonus figures; plans to press AIG for names

(NEWSER) - AIG's $165 million in bonuses went 418 different ways, according to one angry attorney general. Other figures released by New York Attorney General Andrew Cuomo, who subpoenaed the firm on Monday:

• 73 employees received bonuses of $1 million or more
• 11 of those people no longer work for AIG
• 7 employees received bonuses of more than $4 million
• The top recipient received a $6.4 million bonus

Insurer will be forced to return $165 million, treasury boss says in letter

(NEWSER) - Treasury Secretary Tim Geithner promised last night that taxpayers wouldn't be paying a penny toward AIG's massive executive bonuses, Bloomberg reports. He explained in a letter to lawmakers that the government would require the insurer to pay back the $165 million from company operations and that an equal amount would be deducted from the next round of bailout payments. Geithner also vowed to speed up AIG's restructuring. More»

(AP) - Outraged lawmakers threatened today to impose new taxes to recoup at least some of the $165 million in bonuses that insurance giant AIG awarded executives and traders after getting billions in federal bailout money. "What is the highest excise tax we can impose that will stand up in court?" Senate Finance Committee Chairman Max Baucus asked. "Let's find out what it is." More»