19 Mar 2009

House panel backs bill to get AIG bonuses back

2:51 pm on 19 March 2009

The US House Judiciary Committee on Wednesday passed legislation aimed at recovering $US165 million in bonuses to executives of the insurance group AIG.

American International Group has obtained about $US170 billion in aid from the US government and the bonus payments have caused outrage.

The bill would authorise the US attorney general to seek repayment of past excessive compensation from employees of companies that have received more than $US10 billion in federal financial aid.

AIG chief executive Edward Liddy earlier told the committee he has asked executives who received bonuses over $US100,000 to pay at least half of it back.