Washington - American International Group, under fire for paying 165 million dollars in retention bonuses using government bail-out money, is not the only government beneficiary to have spent its money that way.
As AIG head Edward Liddy faced criticism on Capitol Hill Wednesday, a federal regulator defended a payment by Fannie Mae, the mortgage finance firm seized by the government last year, of 4.4 million dollars to four top executives.
Washington - The US Congress tapped into growing public ire over bailed-out insurance giant AIG's payment of bonuses as legislators Wednesday explored ways to reclaim the 165 million dollars.
At the centre of the storm was American International Group (AIG), the world's largest insurance firm whose near failure in September 2008 over insuring questionable financial instruments helped push a teetering US financial system into rapid descent.
Washington - Ron Kirk's nomination as the United States's top trade official was overwhelmingly approved by the Senate on Wednesday, filling one of President Barack Obama's last remaining cabinet posts.
Kirk, a former mayor of Dallas, was confirmed as US trade representative by 92-5 in the Senate, which has to approve all cabinet nominees. He becomes the first African-American to hold the post.
Athens - The Greek government on Wednesday froze the salaries of public sector employees earning more than 1,700 euros (2,208 dollars) per month in an effort to rein in public spending.
"The decisions we announce today are difficult," Finance Minister Yannis Papathanassiou said.
Washington - The International Monetary Fund must be given more resources to rescue poorer nations battered by the financial crisis, US legislators said Wednesday, calling the global recession a threat to national security.
Democratic Senator John Kerry, who heads the Senate Foreign Relations Committee, warned the economic crisis had the potential to create "failed states" that could become breeding grounds for terrorism, drug trafficking and other security threats.
Washington - The US Congress Wednesday tapped into growing public ire over bailed-out insurance giant AIG's payment of bonuses as legislators explored ways to reclaim 165 million dollars from the company and its employees.
"There's a tidal wave of rage ... across America," said Representative Gary Ackerman at a hearing of the House Financial Services subcommittee.
Washington - American International Group, under fire for paying 165 million dollars in retention bonuses using government bail-out money, is not the only government beneficiary to have spent its money that way.
Washington - The US Congress tapped into growing public ire over bailed-out insurance giant AIG's payment of bonuses as legislators Wednesday explored ways to reclaim the 165 million dollars.
Washington - Ron Kirk's nomination as the United States's top trade official was overwhelmingly approved by the Senate on Wednesday, filling one of President Barack Obama's last remaining cabinet posts.
Athens - The Greek government on Wednesday froze the salaries of public sector employees earning more than 1,700 euros (2,208 dollars) per month in an effort to rein in public spending.
Washington - The International Monetary Fund must be given more resources to rescue poorer nations battered by the financial crisis, US legislators said Wednesday, calling the global recession a threat to national security.
Washington - The US Congress Wednesday tapped into growing public ire over bailed-out insurance giant AIG's payment of bonuses as legislators explored ways to reclaim 165 million dollars from the company and its employees.
