President Obama has ordered Treasury Secretary Timothy Geithner to do what he can to block millions of dollars in bonuses to AIG executives. The insurance giant has received billions in taxpayer money, but still plans to pay out $165 million to executives and traders working at the failing company.
Taxpayers have footed over $175 billion to AIG, which is now 80 percent owned by the government. AIG says it's contractually obligated to pay the bonuses, but the Obama administration will make its case to the contrary.
Today Obama said, "All across the country, there are people who work hard and meet their responsibilities every day, without the benefit of government bailouts or multimillion-dollar bonuses."
Trying to appease public outrage over abuses is behind Obama's move. Will it make you feel better about the bailout?