New Fronts in the AIG Attack
Day 56
March 16, 2009
"Taxpayers of this country are now supporting AIG, and they deserve at the very least to know how their money is being spent. And we owe it to the taxpayers to take every possible action to stop unwarranted bonus payments to those who caused the AIG meltdown in the first place."
—Andrew Cuomo, New York Attorney General, in a letter to AIG CEO Edward Liddy asking for a list of the employees who will receive the $165 million executive-bonus money as well as their job information and performance reports
Cuomo tries to take charge after a day of nationwide outrage at AIG's bonus situation. He demands that CEO Edward Liddy provide him with documents supporting the bonuses by a 4 p.m. deadline, or face a subpoena.
For his part, President Obama tells reporters that he has instructed Treasury Secretary Timothy Geithner to "pursue every legal avenue" to stop the insurance-giant execs from receiving the cash, adding, "It's hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay."
Obama spends the rest of his day bouncing around to different events, promising more help to veterans once they come home while speaking at the Department of Veterans Affairs and offering a $15 billion plan to reduce lending fees, ease the tax burden and get credit rolling for small businesses after meeting with Geithner.