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Obama: Contempt Aig Can not Explain 'premium Exec

WASHINGTON – President Barack Obama said Monday that the insurance giant American International Group was in financial trouble because of "carelessness and greed "and said he intends to keep it from paying out millions in executive bonuses.

"It is difficult to understand how operators derivative warrants in AIG Bonuses, much less 165 Million Dollars in extra pay, " Obama said at the beginning of an appearance to announce help for small businesses affected by the recession.

"How do they justify this contempt for taxpayers who are keeping the company afloat, "the president said.

Obama spoke in the wake of reports that have emerged over the weekend saying that financially strapped American International Group Inc. paid substantial bonuses to executives.

Noting that IAG has "received substantial funds" from federal assistance from the federal government, Obama said he asked Treasury Secretary Timothy Geithner "to use this instrument to pursue all legal avenues to prevent these bonuses and make the American taxpayer whole. "

Obama said: "All across the country, there are people who work hard and meet their responsibilities every day, without benefit of salvage operations of Government or bonuses of several Million Dollars. And all they ask is that everyone, Main Street to Wall Street to Washington, playing by the same rules. "

"This is not just about dollars and cents he said. "It's about our fundamental values."

The 165 million was due to executives by Sunday and was part a payment would have a total value exceeding 450 million dollars. The company received more than 170 billion dollars in a transaction Federal rescue.

AIG reported this month that it had lost $ 61.7 billion for the fourth quarter of Last Year, the largest loss in corporate history. Most of the payments in question include AIG Financial Products unit of society selling credit default swaps, contracts that may have caused massive losses for the insurer.

Rep. Barney Frank, chairman of the Financial Services House Committee, charged earlier Monday that the move to pay high premiums to "reward incompetence."

"These people may have a right to their bonus. They do not have a right to their jobs forever, "said Frank, a Massachusetts Democrat.

Frank noted that the Federal Reserve Board, using a Depression-era law, is the institution that AIG gave its government bailout initial before that Congress has passed legislation providing additional support and stated that no adequate safeguards have been built in the cartel.

It was also revealed over the weekend that American International Group Inc. used more than 90 billion dollars in federal aid to pay foreign and domestic banks, some of whom had received their own multibillion-dollar U.S. government bailouts.

Some of the biggest recipients of money AIG was Goldman Sachs with $ 12.9 billion, and three European banks – Societe Generale of France to 11.9 billion billion, Germany Deutsche Bank to $ 11.8 billion, and Britain's Barclays PLC for 8.5 billion dollars. Merrill Lynch which is also subject to federal review of his bonus plans, has received 6.8 million at December 31 billion.

Money went to banks to cover their losses on complex mortgage investments, as well as the guarantees necessary for other transactions.

"We had to explore everything we can, thanks to the Government to ensure that money is not wasted," said Senator Richard Shelby, R-Ala. "These people brought this on themselves. Now, You Are rewarding failure. Many of these people should be drawn, not awarded bonuses. This is horrible. It's outrageous. "

Frank said he was disgusted, saying "these premiums will see people who screwed this thing up a lot. "

"Perhaps it is time to draw some people," he said. "We can not prevent them from obtaining premiums, but we can keep them from seeing their jobs. … In High School, they would not receive retention (premiums), they have got possession. "

AIG has agreed to Obama administration requests to withhold future payments. Geithner was supported the case of the President with the Chairman of AIG, Edward Liddy last week.

"He stepped in and blamed them, have reduced premiums following all legal means at its disposal to do so, "said Austan Goolsbee, personnel director of the economic recovery of Barack Obama's Advisory Board.

Obama Does note in his remarks Monday that Liddy "came on board after the contracts that led to these premiums were agr3eed the year last. "

In an interview broadcast Sunday on CBS ' "60 Minutes", Federal Reserve Chairman Ben Bernanke did not address premiums but expressed frustration at the intervention of AIG.

"It makes me furious. I slammed the phone more than a few After the discussion of AIG, "said Bernanke." It's – it's just absolutely – I understand why the American people are angry. "

In a letter to Geithner dated Saturday, Liddy said outside counsel had advised the company that AIG has contractual obligations to ensure the payment of premiums and could face lawsuits if it does not. (http://104Inc.com)

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