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This 3 page paper highlights points in this article and provides a reaction to the situation. Bibliography lists 1 source.
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3 pages (~225 words per page)
File: RT13_SA912cpa.rtf
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appears on the Yahoo! Finance site, it is noted that Bernanke wants to sue AIG due to the bonus payoff but he was talked out of doing so (Aversa, 2009).
The reason he had stopped this action before it started is due to the fact that AIG could cause a global meltdown (Aversa, 2009). Bernanke further remarked that the bailout
is attached to the need for Congress to "grant new powers to safely wind down financial giants on the verge of collapse and subject them to much stronger regulatory oversight"
(Aversa, 2009). Geithner asked the legislators allow him to have powers equated with that of the FDIC so he can have more control over banks and their assets (Aversa, 2009).
The panel actually was critical of both Geithner and Bernanke for handling the bonuses at AIG (Aversa, 2009). The discussion was focused on how to avoid a similar occurrence in
the future (Aversa, 2009). Geithner explains that he believes the treasury security should have more power so that he can run the financial institutions (Aversa, 2009). It is explained that
AIG is so big, it could not fail and this is the reason why it is allowed to move forward (Aversa, 2009). It is also reported that the government did
bail out this major firm four times at an amount equivalent to $180 billion (Aversa, 2009). The firm paid bonuses to employees for at least $165 million (Aversa, 2009). AIG
reported $62 billions in losses (Aversa, 2009). Some employees agreed to return some of the money voluntarily (Aversa, 2009). The article concludes by explaining that Bernanke claims it is inappropriate
for AIG to give out bonuses to employees and demanded it stop (Aversa, 2009). AIG officials remarked in response that the bonuses were contracted prior to the takeover (Aversa, 2009).
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