Obama on Monday vowed to try to stop the faltering insurance giant American International Group from paying out hundreds of millions of dollars in bonuses to executives, as the administration scrambled to avert a populist backlash against banks and Wall Street that could complicate Mr. Obama’s economic recovery agenda.
President Obama, with Treasury Secretary Timothy F. Geithner
“In the last six months, A.I.G. has received substantial sums from the U.S. Treasury,” Mr. Obama said. He added that he had asked Treasury Secretary Timothy F. Geithner “to use that leverage and pursue every single legal avenue to block these bonuses and make the American taxpayers whole.”
Obama Announces Plan to Aid Small Businesses
Seeking to ease the credit freeze for small businesses, the Obama administration will inject $15 billion into the industry, buying up securities that are linked to small-business loans.
Also as a little sidenote, Obama will appear on Jay Leno on thursday. Don’t miss it!
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