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The Treasury Department will order embattled insurance giant American International Group Inc. to repay U.S. taxpayers up to $165 million that the company is giving employees as bonuses, Treasury Secretary Timothy Geithner said late Tuesday.
Acknowledging "considerable outrage" about the bonus payments, Geithner said AIG will pay the Treasury an amount equal to the payments, and the Treasury will deduct that amount from the $30 billion in government assistance that will soon go to the company.
"This situation dramatically underscores the need to adopt, as a critical part of financial regulatory reform, an expanded 'resolution authority' for the government to better deal with situations like this," Geithner says in his letter.
Originally posted by jhill76
Ha, this is pennies compared to the amount we have given them.