Word: paid
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Dates: during 2000-2009
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...There has been a populist uproar over executive compensation paid to management at companies that have received financial assistance from the government bailout. These bonuses continue to receive enormous coverage in the media, inflaming the passions of voters and politicians alike. Informed by this sentiment, a New York Times/CBS Poll conducted in February found that "83 percent of respondents said the government should cap the amount of compensation earned by executives of companies that are getting federal assistance...
...Less than two weeks ago, The Washington Post published an article announcing that AIG had paid millions of dollars in retention bonuses to executives of the company. Documents later turned over to the Connecticut Attorney General show that the actual figure was $218 million. To date, the government has loaned AIG $170 billion from various financial assistance efforts, including Troubled Asset Relief Program ("TARP"), in exchange for an 80 percent stake in the company. However, in apparent disregard of its unmatched failure, AIG chose to honor its employee's compensation agreements, and awarded multi-million dollar bonus to its executives...
...foul, instructing Treasury Secretary Geithner to "block these bonuses and make the American taxpayer whole." Afterwards, in a letter to Congress, Geithner stated that "we will impose on AIG a contractual commitment to pay the Treasury from the operations of the company the amount of the retention awards just paid." It appears that AIG's penalty will be that the Treasury will force the insurance company to pay the Treasury back with money the Treasury has already given it. Congressman Barney Frank struck a strident tone when he proposed that the government enforce its right as owners of the company...
...Last week, marked by uncharacteristic speed, the House passed a bill that would impose 90 percent surtax on bonuses paid to employees of companies that have received at least $5 billion in TARP funds if the employee's family income exceeds $250,000. In support of the bill, Obama said he is eager to receive legislation "that will serve as a strong signal to the executives who run these firms that such compensation cannot be tolerated." The Senate plans to vote on the bill this week...
...Recently, Andrew Cuomo, The New York Attorney General, announced that "Of the $165 Million pool, we calculate that employees have agreed to return approximately $50 million." This reflects about 20 percent of the $218 billion that Connecticut's Attorney General has said AIG paid in bonus compensation, but it's an impressive start...