90% of AIG bonuses to be taken back in tax

The US Congress has today voted through legislation to impose a 90% tax rate on the $165 million of bonuses paid to executives of insurance conglomerate AIG.

The bonuses were paid to 418 employees, including $33.6 million to 52 people who have left the failed insurance giant. 73 people received more than a million dollar each.  AIG has received nearly $180 billion in bailout funds from US taxpayers.

Meanwhile, the Australian government has introduced legislation to limit severance packages for CEOs to one year’s base salary, and requiring stockholder approval for bigger payouts.

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