President Obama: AIG Can't Justify Exec Bonuses

By: Associated Press
By: Associated Press
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President Barack Obama says he'll try to stop a bailed-out company from paying out millions in executive bonuses.

He says that the insurance giant American International Group is in financial straits because of "recklessness and greed." And President Obama says it's hard to understand how the executives deserved any extra pay, much less $165 million.

AIG has received more than $170 billion in federal rescue money.

AIG recently reported losses of $61.7 billion for the fourth quarter of last year, the largest corporate loss in history.

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