Outrage over AIG bonus payments

Outrage over AIG bonus payments

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AIG has received billions of dollars in taxpayer aid

There is growing anger in Washington about revelations from the US insurance giant AIG on the way it spent much of the $150bn bailout money it received from the American taxpayer.

Some $450m went to pay bonuses to staff, while almost $38bn paid debts to a number foreign banks, including Societe Generale of France, Deutsche Bank of Germany, Barclays of Britain and UBS of Switzerland.

For critics who have warned long and hard against bailouts in any form, the revelations are something of a vindication.

Jim Rogers is an American investor, now based in Singapore, who in the 1970s co-founded the Quantum fund with George Soros.

He says AIG's revelations bear out everything he thinks about bailouts.

Listen Listen to Jim Rogers speaking to the BBC's Roger Hearing

First broadcast on World Business News on 16 March 09