WASHINGTON (AP) — Under intense pressure from the Obama administration and Congress, the head of bailed-out insurance giant AIG declared Wednesday that some of the firm’s executives have begun returning all or part of bonuses totaling $165 million. Edward Liddy offered no details, and lawmakers were in no mood to wait. He was still fielding their questions when House Democratic leaders announced plans for a vote Thursday on legislation to tax away 90 percent of the extra pay for executives at AIG and many other bailed-out firms. Liddy, brought in last year to oversee a company that has received $182 billion in federal bailout funds, said he, too, was angry about the bonuses.
AIG bonuses: Repayments total $165 million
March 17, 2009