Aig Chief Asks Staffers to Return Half of Bonuses ; House Weighs 90 Percent Tax On Payments As Protests Rage

Summary

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AIG's chief executive told Congress he asked employees on Wednesday to return half the bonuses that have caused a firestorm of protest, even as the House considered putting a 90 percent tax on them as early as today.

"This morning, I asked employees to step up and do the right thing," Edward Liddy told the House capital markets subcommittee. "I've asked those receiving payments in excess of $100,000 to return at least half the money. Some have stepped forward and offered to give up 100 percent."

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Aig Chief Asks Staffers to Return Half of Bonuses ; House Weighs 90 Percent Tax On Payments As Protests Rage

Though he called it "distasteful," Liddy said he decided, in consultation with officials of the Federal Reserve Bank, to pay the $165 million in bonuses Sunday because the expected public ba...

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