AIG CEO tells Congress retention payments "DISTATEFUL"

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AIG chairman says retention payments distasteful

WASHINGTON – The chairman and CEO of American International Group acknowledged Wednesday to congressional interrogators that some of the insurance giant's executive bonuses are "distasteful."

"We are meeting today at a high point of public anger," Edward Liddy, chairman and chief executive officer, conceded in testimony prepared for a hearing by a House Financial Services panel. "I share that anger," he said.

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AIG is under fire for $220 million in retention bonuses paid to employees in its troubled financial products division. The most recent payment of $165 million began to be paid last Friday and caused a furor.

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In his prepared remarks Wednesday, Liddy said, "No one knows better than I that AIG has been the recipient of generous amounts of governmental financial aid. We have been the beneficiary of the American people's forbearance and patience."

http://news.yahoo.com/s/ap/20090318/ap_on_go_co/aig_outrage