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Economy: AIG Bonuses / Congress / Greenberg Interview / Cassano #925697

CBS Evening News for Thursday, Mar 19, 2009
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(Studio: Maggie Rodriguez) AIG's giving of the names of 418 employees receiving bonuses to the New York attorney general {Andrew Cuomo} noted. Report introduced.

(Capitol Hill: Wyatt Andrews) The backlash by Congress at bonuses paid to AIG executives featured; details given about the bill that would tax bonuses for employees at companies receiving bailout money, the loophole in the stimulus bill that made AIG bonuses possible and how this all hurt President Obama's credibility. [Representatives Charles RANGEL, Earl POMEROY - speak out.] [Senator Chris DODD - blames the Treasury Department.] [On CNN, Treasury Secretary Tim GEITHNER - says the Treasury Department was worried about legal challenges.] [Representatives John BOEHNER, Barney FRANK - offer views on who is to blame.]

(Studio: Maggie Rodriguez) The issue of who is to blame for AIG's failures noted; details given about former AIG CEOs Maurice "Hank" Greenberg, Maurice Sullivan and Robert Willumstad. [In earlier interview, GREENBERG - explains how he would have handled the bonuses; notes there were no contracts when he was CEO.]

(London: Elizabeth Palmer) The story of Joseph Cassano†, who ran the AIG office in London, presented; details given about deals involving "credit default swap" and the payout to Cassano; scenes shown from outside his house. [Yesterday at hearings, AIG CEO Edward LIDDY†- blames credit default swap for bringing down the company.] AIG revenue statistics and pay in the London unit cited. [August 9, 2007, CASSANO - says we can't lose.]

(Studio: Maggie Rodriguez) More of the interview with former AIG CEO Greenberg noted.

Reporter(s):
Rodriguez, Maggie;
Andrews, Wyatt;
Palmer, Elizabeth
Duration:
00:06:50

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