News / Finance
Investigation into AIG Bonus Payout to be Launched, Treasury Role in Question
An investigation into the controversial AIG bonus payouts will be launched by the man tapped to oversee the government’s Troubled Assets Relief Program (TARP).
Neil Barofsky has been in charge of overseeing the TARP as Special Treasury Department Inspector General and is now set to examine the role the Treasury Department played in providing taxpayer money to AIG that has since been doled out in the form of bonuses.
AIG awarded $165 million in bonuses to employees despite receiving $170 billion in aid from the government to avoid collapse. There have since been questions regarding how much the Treasury knew about those bonuses as evidence exists showing the governmental body and AIG openly discussed the subject last October.
Barofsky has vowed to “recover the taxpayer’s money” if it could be proven that those bonuses were handed out as a result of something wrong being done.
News of the investigation has placed added pressure on Treasury Secretary Timothy Geithner who has been heavily criticized for his apparent failure to prevent the misuse of taxpayer money.
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