{"id":4061,"date":"2009-12-24T11:40:02","date_gmt":"2009-12-24T16:40:02","guid":{"rendered":"http:\/\/blogs-devl.bu.edu\/bunow\/?p=4061"},"modified":"2011-02-17T16:43:29","modified_gmt":"2011-02-17T21:43:29","slug":"aig-backlash-heats-up","status":"publish","type":"post","link":"https:\/\/blogs-devl.bu.edu\/bunow\/2009\/12\/24\/aig-backlash-heats-up\/","title":{"rendered":"AIG backlash heats up"},"content":{"rendered":"<p>The heat continues to increase on insurance giant AIG, which got $182 billion in taxpayer bailouts yet gave out $165 million in bonuses.\u00a0 New York Senator Chuck Schumer says President Obama&#8217;s pay czar\u00a0should be <a title=\"given the power\" href=\"http:\/\/www.businessweek.com\/news\/2009-12-24\/schumer-says-feinberg-should-recover-outrageous-aig-bonuses.html\" target=\"_blank\">given the power <\/a>to recover the &#8220;outrageous&#8221; bonuses.\u00a0 Law Professor <a title=\"Cornelius Hurley\" href=\"http:\/\/www.bu.edu\/law\/faculty\/profiles\/bios\/banking\/hurley.html\" target=\"_blank\">Cornelius Hurley<\/a>, director of the <a title=\"Morin Center\" href=\"http:\/\/www.bu.edu\/law\/morincenter\/\" target=\"_blank\">Morin Center <\/a>for Banking and Financial Law, says taxpayers also must be concerned about AIG&#8217;s ability to unravel and the complex debt obligations that led to the financial meltdown.<\/p>\n<p><em>&#8220;Refusing to pay back \u201908 bonuses, and maneuvering for \u201909 payouts, gives us little confidence that their efforts at unwinding the complex products they created will be done in the best interests of the company\u2019s taxpayer-shareholders. Why should we be trusting the same AIG folks that created these products to drive the hard bargain with counterparties to AIG?\u00a0 Where is Elizabeth Warren and her TARP oversight white hat when needed?&#8221;<\/em><\/p>\n<p>Contact Cornelius Hurley, 617-353-5427, <a href=\"mailto:ckhurley@bu.edu\">ckhurley@bu.edu<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The heat continues to increase on insurance giant AIG, which got $182 billion in taxpayer bailouts yet gave out $165 million in bonuses.\u00a0 New York Senator Chuck Schumer says President Obama&#8217;s pay czar\u00a0should be given the power to recover the &#8220;outrageous&#8221; bonuses.\u00a0 Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial [&hellip;]<\/p>\n","protected":false},"author":114,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4491],"tags":[514,216,78,113,1236],"_links":{"self":[{"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/posts\/4061"}],"collection":[{"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/users\/114"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/comments?post=4061"}],"version-history":[{"count":8,"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/posts\/4061\/revisions"}],"predecessor-version":[{"id":8223,"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/posts\/4061\/revisions\/8223"}],"wp:attachment":[{"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/media?parent=4061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/categories?post=4061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs-devl.bu.edu\/bunow\/wp-json\/wp\/v2\/tags?post=4061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}