March 17, 2009 / 3:10 PM / in 9 years

US lawmaker eyes surtax on bailout firms' exec pay

WASHINGTON, March 17 (Reuters) - A member of the U.S. House of Representatives Financial Services Committee said on Tuesday that he wants to consider slapping a surtax on excessive pay to executives at bailed-out firms, such as American International Group Inc (AIG.N).

“I look forward to working with other colleagues on a tax law to impose a substantial surtax on excessive compensation paid to executives at bailed-out firms, especially AIG,” said California Democratic Rep. Brad Sherman at a hearing.

    An excessive pay surtax bill is being developed in the House, said a senior Democratic congressional aide.

    President Barack Obama on Monday expressed “outrage” about $165 million of bonuses paid to employees of AIG, once the world’s largest insurer, now getting a government bailout.

    New York Attorney General Andrew Cuomo has said he will subpoena AIG for more information about the bonuses, including the names of the recipients. (Reporting by Kevin Drawbaugh)

    0 : 0
    • narrow-browser-and-phone
    • medium-browser-and-portrait-tablet
    • landscape-tablet
    • medium-wide-browser
    • wide-browser-and-larger
    • medium-browser-and-landscape-tablet
    • medium-wide-browser-and-larger
    • above-phone
    • portrait-tablet-and-above
    • above-portrait-tablet
    • landscape-tablet-and-above
    • landscape-tablet-and-medium-wide-browser
    • portrait-tablet-and-below
    • landscape-tablet-and-below