Obama seeks more financial oversight
19-03-2009
President Barack Obama says he wants Congress to pass legislation giving the US government greater regulatory authority over financial institutions like the insurance giant AIG. Speaking to reporters on the White House lawn as he prepared to go to California, Mr Obama again criticised the company for its business practices and the executive bonuses that it had authorized. Mr Obama said, "The buck stops with me." And he disclosed that he and members of his economic council have commenced discussions with leading congressional players on legislation that would create another regulatory entity - along the lines of the Federal Deposit Insurance Corporation - to give the government more authority over financial institutions like AIG. Executives at AIG awarded themselves multi million dollar bonuses - despite the fact the company had to be rescued with American taxpayers money to prevent its collapse.
