Kudos to President Barack Obama for standing up to AIG's outlandish intentions of paying out over $100 million worth of bonuses to top executives.
Yes, that AIG.
Calling upon his Secretary of Treasury on Monday, Obama asked Timothy F. Geithner to do whatever legally possible to block the company from handing out the bonuses - especially considering the $170 billion given to AIG since last fall.
According to a New York Times article, the government does not plan on taking the company to court but rather seeks to ensure that there is greater transparency with regard to how the bailout money is being allocated.
What's most absurd is the logic behind AIG's intentions to pay out the bonuses by hiding behind the fact that language in employees' contracts leaves them legally obligated.
Hmm, considering that the federal government now owns 80 percent of the company, it seems troubling at best that AIG remains hell-bent on unnecessarily draining taxpayers' money.
The Obama administration made a shrewd move in taking a clear-cut stance against AIG's actions as public perception of the president will largely be linked to how bailout money succeeds in remedying America's current economic crisis.
To have turned a blind eye to an ever-growing blight upon America would have cast a shroud of doubt on Obama's future plans that may include additional financial packages for other entities.
Hardly the recipe for success for a president merely two months on the job.
