Congress Seeks Return of Bonus Money

WASHINGTON (AP) - Democrats in Congress are promising to take away as much of the bonus money as they can from AIG executives.

By: Associated Press | Media General
Published: March 17, 2009

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WASHINGTON (AP) - Democrats in Congress are promising to take away as much of the bonus money as they can from AIG executives.

Outrage is building in Congress over the $165 million in bonuses paid out to executives of the insurance giant that has received billions of dollars in a government bailout.

Senate Democrat Charles Schumer warned the executives, "If you don't return it on your own, we will do it for you."

The bonuses were paid legally as part of a program that had been disclosed by the company in advance.

But House and Senate Democrats are putting together separate bills to tax as much as 100 percent of the bonuses awarded by companies rescued by taxpayer money.

Republicans say President Barack Obama's administration should have done more to stop the bonuses.

AIG wouldn't be the only firm targeted in either bill.

The House measure would tax at 100 percent any bonus above $100,000 paid by companies that have received federal bailout money.