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Calif. Weighs Crackdown On Banks' Bailout Spending

Law360 (March 17, 2009, 12:00 AM EDT) -- Following insurance giant American International Group Inc.'s move to pay $165 million in bonuses to its executives after receiving billions of dollars in bailout funds, California lawmakers are considering a bill that aims to crack down on state-regulated financial institutions that misuse money from the Troubled Assets Relief Program.

Rep. Pedro Nava, chairman of the California Assembly's Banking & Finance Committee, on Tuesday unveiled AB 1075, which aims to bar banks and financial firms from spending TARP funds on executive bonuses, parties and other “objectionable activities.”...
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