US Bonus Row Rages

The argument gripping the White House and Wall Street shows no sign of abating.  Collapsed insurance company AIG has been widely attacked by President Obama and politicians who say that handing out large bonuses to staff was a catastrophic and shocking decision, and that moves must be made to reclaim the money.

Obamaspoke of his amazement on the Tonight Show with Jeno Leno last week, and was clear and open in his opinion that AIG should not be handing out perks when they themselves have accepted $173 billion of taxpayer funds to prevent total collapse.  AIG’s bonuses totalled $165 billion – something of a money exchange between the taxpayer and the insurance company?

Wall Street have responded to the US government’s fury by saying that individual employees do not deserve to be effectively punished for the larger problems being experienced, and that there could be largescale walkouts which would lead to the situation worsening.

But politicians have not backed down and are launching actions to implement a tax plan that would reclaim the money.  The row will continue for some time…

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