President Obama latched on to the latest round of populist anger over corporate greed Monday, ordering his Treasury secretary to "pursue every legal avenue" to stop insurance giant AIG from giving $165 million in bonuses to some of the executives who drove the company into financial ruin before it was rescued by a government bailout.
"How do they justify this outrage to the taxpayers who are keeping the company afloat?" Obama demanded of the company that last month posted the largest corporate quarterly loss in history, $61.7 billion.
Obama's scolding of American International Group came after his top economic advisers — Treasury Secretary Timothy Geithner, White House chief economist Christina Romer and Larry Summers, director of the National Economic Council — also blasted AIG over its doling out bonus checks ranging from $1,000 to $6.5 million to executives after accepting up to $180 billion in government bailout money.
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