The boss of US insurer AIG has called the bonuses paid to executives distasteful and said he asked some recipients to return at least half. But Edward Liddy said the Federal Reserve knew in November of the 165 million US dollars bonus payments to executives that have caused such a furore in US.
The US Federal Reserve said on Wednesday it will buy almost 1.2 trillion US dollars worth of debt to help boost lending and promote economic recovery. The US central bank said it would start buying long-term government debt and expand purchases of mortgage-related debt.
Huge bonuses paid out by ailing insurer AIG will be deducted from the firm's next bail-out payment, the US treasury secretary says. In a letter to congressmen, Timothy Geithner said 165 million US dollars would be taken from 30 billion the firm is due to get as part of its government bail-out.
The US economist and Nobel Laureate Paul Krugman said Tuesday that Europe and the United States should at least double their fiscal efforts in order to salvage the global economy.
A Venezuelan businessman was sentenced in Miami on Monday to four years in prison for acting as an unregistered agent of Venezuela in the United States. Franklin Duran had been convicted of conspiring to cover up the origin and destination of a suitcase stuffed with 800.000 US dollars in cash that was found in 2007 in a Buenos Aires airport.
US Federal Reserve Chairman Ben Bernanke expects economic recovery in America next year, but has warned that the biggest risk to an upturn is whether there is sufficient political will to mend the financial system.
United States President Barack Obama expressed anger at 165 million US dollars bonuses ledged to executives of bailed-out insurer AIG, calling the payments an outrage.
President Barack Obama and Brazilian President Luiz Inacio Lula da Silva discussed the economy, energy and the environment Saturday during their first White House meeting.
Brazilian President Lula da Silva said on Friday that counteracting the global credit crunch and preventing a wave of protectionism will be high on the agenda when he meets US President Barack Obama on Saturday.
President Barack Obama administration has begun moving on several fronts to repair strained US relations with Latin America. Obama meets Saturday at the White House with Brazilian President Lula da Silva, and he is sending Vice President Joe Biden and Secretary of State Hillary Clinton on Latin American missions to prepare for the mid-April Summit of the Americas in Trinidad and Tobago.