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WASHINGTON, March 19 (Xinhua) -- The U.S. House of Representatives passed a bill on Thursday to impose a 90-percent tax on bonuses paid out to executives by firms receiving government bailout money like insurance giant American International Group (AIG).
The bill was approved with a vote of 328 to 93. In all, 243 Democrats and 85 Republicans voted "yes" on the bill, while six Democrats and 87 Republicans opposed it.
"We want our money back and we want our money back now for the taxpayers," House Speaker Nancy Pelosi said. "Here's one way to get it."
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The American International Group (AIG) building in New York's financial district, March 16, 2009 |
The 90 percent tax would apply to employees whose total annual pay exceeded 250,000 dollars at firms that received more than five billion dollars in government rescue funds.
The Senate is working on a separate measure, according to news reports.
The approval of the bill came as the financially troubled AIG's payout of millions of dollars in bonuses to its top-earning employees triggered national furor.
The AIG, which is now 80-percent owned by the U.S. government, lost 61.7 billion dollars in the fourth quarter of 2008, marking the largest corporate loss in history.
Having taken over 170 billion dollars in federal bailout money since the financial crisis erupted late last year, the ailing insurer is paying hefty awards to its executives.
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Edward Liddy (L), chief executive officer of American International Insurance group (AIG), testifies before the House Financial Services Committee as they hold a hearing on "American International Group's Impact on the Global Economy: Before, During, and After Federal Intervention", on Capitol Hill in Washington,the United States, March 18, 2009. |
Meanwhile, the U.S. government's chief overseer of rescue funds known as the Troubled Asset Relief Program (TARP) announced an investigation into the AIG bonuses, including what role the U.S. Treasury Department played in approving the payments.
The AIG informed the U.S. Federal Reserve three months ago that it would pay the bonuses on March 15, The Washington Post reported on Thursday.
But the central bank failed to notify Treasury or White House officials for months, according to the newspaper.
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Edward Liddy (L), chief executive officer of American International Insurance group (AIG), testifies before the House Financial Services Committee as they hold a hearing on "American International Group's Impact on the Global Economy: Before, During, and After Federal Intervention", on Capitol Hill in Washington,the United States, March 18, 2009 |