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Frank Assails Bonuses Paid to Executives at AIG

WASHINGTON (AP) - A leading congressional player on financial
issues is calling for a shake up at insurance giant AIG in the wake
of disclosures it will pay roughly $165 million in bonuses to its
executives.
Rep. Barney Frank, chairman of the House Financial Services
Committee, says members of Congress are going to look very closely
at the situation with American International Group and see what can
be done about it.
Frank noted that the Federal Reserve Board was the governmental
entity that first gave AIG bailout assistance, and complained that
Fed officials did not attach enough conditions to the deal.
Frank said on NBC's "Today" show Monday that "these people
may have a right to their bonuses. They don't have a right to their
jobs forever." He added that "it does appear to be that we're
rewarding incompetence."


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