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Thesun 2009-03-18 Page06 Obama Calls Aig Bonuses An Outrage
Thesun 2009-03-18 Page06 Obama Calls Aig Bonuses An Outrage
bonuses an ‘outrage’
He called for “some form of reso-
lution mechanism in dealing with
troubled financial institutions, so we
have greater authority to protect the
American taxpayer and our financial
system in cases such as this.”
“We will work with Con-
Japan WASHINGTON: US President gress to that end.”
Aerospace Barack Obama on Monday said The president, conscious
Exploration multi-million-dollar bonuses of the potential for a public
Agency planned for executives and traders backlash as his administration
astronaut at bailed-out insurance giant AIG readies new support for the
But Nasa called off the “debris avoidance manoeuvred” Koichi were an “outrage” and vowed to banking industry, added that
after new information showed that the rubble was outside Wakata (left) pursue a clampdown. the controversy at AIG “isn’t
the ISS’s danger zone. is seen after “This is a corporation that finds just a matter of dollars and
The space junk threat was the second in as many weeks launch, on itself in financial distress due to cents.”
to threaten the ISS. the mid-deck recklessness and greed,” he said “It’s about our fundamental
Last week, the space station’s three-member crew had of the Space in prepared remarks at the White values,” he said.
to temporarily evacuate the space station and seek shelter Shuttle House. “All across the country,
in a Soyuz capsule when a small piece of debris passed Discovery, “Under these circumstances, it’s there are people who work
about 4.5 kilometers from the ISS. with Richard hard to understand how deriva- hard and meet their responsi-
A debris avoidance manoeuvre could not be undertaken Arnold tive traders at AIG warranted any bilities every day, without the
last week because the Discovery shuttle was scheduled to (centre) and bonuses, much less US$165 million benefit of government bailouts
launch on Sunday, and the ISS had to maintain its altitude, John Phillips (RM610.5 million) in extra pay,” or multi-million-dollar bo-
Nasa officials told AFP. (right) in this Obama said, after details of the pay- nuses.
Cain, head of the mission management team, told a image from outs emerged over the weekend. “And all they ask is that
news conference on Monday that while Nasa was “con- Nasa TV. “How do they justify this outrage everyone, from Main Street
stantly mindful” of space rubble, having “one or two or three to the taxpayers who are keeping to Wall Street to Washington,
in short period of time is not anything significant.” the company afloat?” play by the same rules. That is
Asked if the piece of rubble might pose a threat to the On Sunday, administration offi- an ethic we must demand.”
shuttle when it reaches the same orbit as the ISS, Cain said: cials said there was little that Treas- Meanwhile, Mexico
“There is an ongoing assessment, in terms of these kinds of ury Secretary Timothy Geithner slapped tariffs on 90 American
debris issues ... But between now and docking, I don’t think could do legally to stop the bonuses, agricultural and manufactured
it will become an issue.” – AFP because they were promised under exports on Monday in retalia-
AIG employment contracts before tion for Washington’s move
the insurer was bailed to block Mexican trucks from
out. using US highways.
But Obama, said: “I’ve asked Secretary Geithner Mexican Economy Minister
noting the to use that leverage and pursue every Gerardo Ruiz said about US$2.4 bil-
substantial legal avenue to block these bonuses lion (RM8.8 billion) worth of exports
government and make the American taxpayers from 40 US states will be affected and
support ex- whole.” that his government will soon publish
tended to AIG, Massive losses at a London trad- a list of them.
Last week, the US Congress can-
celled funding for a test programme
Obama speaks to a group of small business begun by the Bush administration
owners and community bankers, including that allowed Mexican trucks to circu-
Cynthia Blankenship (right), co-founder of late in the US in compliance with the
Bank of the West in Grapevine, Texas in North American Free Trade Agree-
the White House. ment. – Agencies