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Obama says he'll fix AIG payout scandal

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Obama says he'll fix AIG payout scandal


US President Obama has been trying to defuse public anger over bonus payments by the bailed out insurance giant AIG.

Billions of public funds have been poured into the ailing insurance company, but many Americans were outraged when it paid out around 120 million euros in bonuses to top officials. Obama has cultivated an image as a crusader for change and there was this pledge from the US president: He said: “ I’ll take responsibilty. I’m the President.” Washington has been engulfed in a poltical feeding frenzy about who knew what and when over the payments of bonuses by corporations like AIG, bailed out with billions of public cash. The Republicans have been demanding to know why the US Treasury did not lay down conditions about bonuses before handing over rescue money.

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