What Is a Bonus Issue?

The bonus event was US President Barack Obama s March 16th, 2009 outraged at the American International Group (AIG) s continued poor performance of the business and the company s financial crisis and continued to issue huge bonuses to executives. Timothy Geithner sought all legal means to stop it. The insurance giant AIG has received more than 170 billion US dollars of government assistance due to its operating difficulties. On March 15, it decided to pay some 165 million US dollars in 2008 bonuses to some of the company's executives, causing a scream.

Bonus event

The bonus event was US President Barack Obama s March 16th, 2009 outraged at the American International Group (AIG) s continued poor performance of the business and the company s financial crisis and continued to issue huge bonuses to executives. Timothy Geithner sought all legal means to stop it. The insurance giant AIG has received more than 170 billion US dollars of government assistance due to its operating difficulties. On March 15, it decided to pay some 165 million US dollars in 2008 bonuses to some of the company's executives, causing a scream.

Chinese name

Bonus event

Object

American International Group (AIG)

Time of occurrence

March 16, 2009

The insurance giant AIG has received more than 170 billion US dollars of government assistance due to its operating difficulties. On March 15, it decided to pay some 165 million US dollars in 2008 bonuses to some of the company's executives, causing a scream.

The bonus event was US President Barack Obama s March 16th, 2009 campaign against AIG (

AIG employees agree to refund bonuses

According to foreign media reports, after the public expressed strong indignation, some senior members of AIG agreed to refund the bonus, including Douglas Poling, the top $ 6.4 million winner.

Douglas Poling, AIG's executive vice president in charge of energy and basic investment direction, and his other 417 employees in the AIG financial products division were heavily criticized for receiving high bonuses.

AIG chairman and CEO Li Di was siege at a meeting of the US House of Representatives on the 18th. MPs severely blamed Li Di and AIG on the bonus issue and vowed to withdraw the bonus.

Democratic lawmakers have even acted-a new law was announced on Wednesday that imposes new taxes on executives of companies receiving $ 5 billion and more in federal bailouts. Under this law, bonuses for executives and high-paying employees will be subject to a surcharge of 90%; the law is retroactive and valid for bonuses issued after December 31, 2008.

Li Di said he had learned that US government officials and the public were angry about the group's payment of bonuses to executives, and said he had called on executives to take the initiative to refund at least half of the bonuses. (Tencent Finance News March 19, 2009 14:08)