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Wed 03 Mar 2009Geithner says government will seek to recoup AIG bonuses
US Treasury secretary Timothy Geithner told congressional leaders the US will recoup executive bonuses paid by American International Group as outraged lawmakers rushed to take back such payments from all companies getting federal bailouts.
Mr Geithner, who has come under fire from Republicans for not doing enough to stop the AIG payments, said in a letter to lawmakers last night the government will recover the money by requiring it be repaid from company operations and deducting the amount from the next $30 billion in aid being provided to the insurer. He also said the government will work to accelerate the “wind down” process of restructuring AIG.
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